Los Angeles City Employees' Retirement System has hired Portfolio Advisors as its private equity consultant and Townsend Group as its real estate consultant.
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.