Both selections were made following searches undertaken to test the marketplace, according to recently released minutes of the system's Dec. 17 board meeting. The private equity RFP was launched Feb. 4 and the real estate RFP, April 29. Hamilton Lane had been LACERS' private equity consultant.
In recommending Portfolio Advisors, investment staff of the $13 billion pension fund noted they would like to reduce the number of private equity manager relationships, while increasing the commitment sizes and increasing exposure to a wider universe of funds with smaller and emerging investment managers.
Separately, the board extended for one year the contract of Capital Prospects, which manages $40.4 million in an emerging equity manager fund-of-funds portfolio benchmarked to the Russell 3000 index.