Los Angeles County Employees Retirement Association, Pasadena, Calif., is searching for a real estate consultant.
The Townsend Group has been the $49 billion pension fund’s real estate consultant since 1992. Currently, Townsend has an “evergreen” contract that automatically renews every year, a memo to the board for its Wednesday meeting said. Pension fund officials are launching the RFP “to evaluate the current universe of real estate investment consultants and test the pricing for consultant services.”
Townsend is invited to rebid, said David Kushner, chief investment officer, in an e-mail. RFP responses are due no later than noon PDT July 10. A selection could be made as early as October.
The RFP is available on LACERA’s website.
Separately, LACERA hired Pension Consulting Alliance to conduct an investment best practice and risk management study to identify best risk management practices based on peer group data. The selection was made following an RFI launched Jan. 16.
LACERA also committed up to $150 million to control credit-orientated private equity fund BDCM Opportunity Fund IV and up to $100 million to private equity fund Clearlake Capital Partners IV. BDCM Opportunity fund IV has a $1.5 billion target for its strategy of gaining control of middle-market companies through the purchase and restructuring of the companies’ debt as well as to make selective equity investments. Black Diamond Capital Management is a new manager for the pension fund.
Clearlake Capital Partners IV is seeking $1 billion to make special situations, distressed and value private equity investments in small- and medium-sized companies in the U.S. LACERA has invested with Clearlake Capital in the past.
