Los Angeles County Employees Retirement Association, Pasadena, Calif., invested $300 million in a customized opportunistic credit hedge fund-of-funds portfolio managed by Grosvenor Capital Management, said Vache Mahseredjian, interim chief investment officer for the $45.9 billion pension fund, in an e-mail.
The pension fund also committed up to $125 million to private equity fund Harvest Partners VII and up to €75 million ($81 million) to middle-market buyout fund Gilde Buy-Out Fund V.
LACERA has invested with Grosvenor Capital Management and Harvest Partners in the past. Gilde Buy Out Partners is a new relationship.
Separately, Callan Associates and The Townsend Group will be invited to the next board of investments meeting Dec. 9 for interviews for possible selection as LACERA's real estate consultant for its roughly $5.6 billion portfolio. LACERA launched an RFP in May. Townsend is the incumbent.
Also at its Dec. 9 meeting, the board is expected to discuss moving toward investing in hedge funds directly beginning in fiscal year 2016-2017 and hiring additional staff to assist in that move as part of the upcoming fiscal year budget.
