Los Angeles City Employees’ Retirement System committed up to $45 million to two private equity funds, said notifications to the board for its June 9 meeting from private equity consultant Portfolio Advisors.
Portfolio Advisors has a discretionary mandate within agreed upon limits.
The $14.5 billion pension fund committed up to $20 million to venture capital fund New Enterprise Associates 15 and up to $25 million to Institutional Venture Partners XV, a late-stage venture capital fund.
LACERS had committed to a previous New Enterprise Associates fund; the IVP relationship is a new one for the pension fund.
At its June 9 meeting, the board is scheduled to decide whether to hire EAM Investors for a $101 million actively managed U.S. small-cap growth equities portfolio, replacing Franklin Advisers, agenda materials show. A search was launched in November to test the marketplace.
The board also is expected to decide whether to follow staff’s recommendation to issue another RFP in early 2016 to search for one or more active domestic U.S. small-cap growth equity managers “to complement EAM’s fundamental investment process,” the agenda materials said.