Los Angeles City Employees' Retirement System is searching for an active, long-only commodities manager to run about $135 million.
The $13.5 billion pension fund is conducting the search as a result of the creation of a 10% target to real assets in February 2012. At the time, the board of trustees created a subtarget of 10% within that allocation to commodities and natural resources.
Funding will come primarily from reducing domestic equity manager portfolios. Investment consultant Wilshire Associaties is assisting. Further information could not be learned by press time.
Information regarding the search is available on the pension fund's website. Proposals are due at 5 p.m. PDT May 14.
Separately, the pension fund committed up to $40 million to Vista Equity Partners V, a software- and technology-focused buyout fund, according to its April 8 board meeting agenda. The pension fund has committed to several previous Vista Equity Partners funds, most recently in January when it committed up to $10 million to Vista Foundation Fund II.
Also, according to the pension fund's March 11 board meeting minutes, the pension fund terminated Batterymarch Financial Management from its active emerging markets equity portfolio as a result of the manager being folded into QS Investors following parent Legg Mason's purchase of that firm in March. LACERS originally hired Batterymarch in May 2008 to run $130 million.
Information regarding a replacement could not be learned by press time.
A phone call to Chief Investment Officer Rodney June was referred to the LACERS press office, which did not respond to questions by press time.