When the $18.4 billion Los Angeles Fire & Police Pension System launches its search for a specialized private equity manager, it will for the first time include lesbian, gay, bisexual and transgender and disabled veteran ownership as characteristics that may be considered in the hiring of a manager.
The RFP is scheduled to be launched April 4 and will seek a manager to select emerging manager private equity funds for board review. The pension fund's specialized private equity program, which started in 2013, focuses on first-, second- or third-time private equity funds of $500 million or less. The program has about $214 million in total commitments. Other characteristics include funds that are invested in underserved areas; invested in California or Los Angeles; and/or have minority or woman ownership.
Pension fund officials added the latest characteristics at the behest of one of the board's newest commissioners, Brian Pendleton, said Raymond P. Ciranna, the fund's general manager, in an e-mail. Mr. Pendleton was appointed Oct. 15.
“For now, this is only for private equity — although I would surmise they will be approved in the future for emerging managers across the board,” Mr. Ciranna wrote.