Los Angeles City Employees' Retirement System is scheduled to select a private equity consultant at its meeting Tuesday. Finalists are incumbent Hamilton Lane and Portfolio Advisors.
An RFP was launched Feb. 4 to test the marketplace, according to agenda materials from the Oct. 22 meeting.
Investment staffers at the pension fund recommend hiring Portfolio Advisors based on “reference checks, due diligence process and firm size,” according to the Oct 22 meeting minutes. But the matter was continued for until the upcoming meeting Tuesday.
Separately, LACERS selected Dimensional Fund Advisors, EARNEST Partners and Glovista Investments as finalists in its search for one or more managers to run $253 million in active emerging markets value equity, according to materials for the board's meeting Tuesday.
LACERS' staff and general fund consultant Wilshire Associates launched a search on July 23, 2012, for one or more managers to run $664 million in core, growth, and value emerging markets equity. This search was reissued July 22 due to the lack of qualified applicants for the value allocation from the first search. It could not be learned when a selection will be made.
In other action, LACERS also selected Dimensional, Hartford Investment Management Co., Neuberger Berman Fixed Income and Pacific Investment Management Co. as finalists in its search for one or more managers to run about $360 million in active TIPS and global inflation-linked securities, according to materials for the $13 billion pension fund's Oct. 22 meeting.
The board launched a search on July 8 to fill a Treasury inflation-protected securities allocation in its real-assets portfolio included as part of an asset allocation LACERS adopted on Jan. 10, 2012. It could not be learned when a selection will be made.
The board also approved a one-year contract extension until Oct. 31, 2014, for Progress Investment Management Co., which runs a $62.1 million emerging managers fund of funds benchmarked to the Russell 3000 index.
Separately, the board at its Oct. 8 meeting selected Courtland Partners and The Townsend Group as finalists in its real estate consultant search that began April 29. Courtland is the incumbent. LACERS began the search to “test the marketplace,” according to meeting minutes and other materials on its website. A selection is scheduled for the board's meeting Tuesday.
