Los Angeles County Employees Retirement Association, Pasadena, Calif., hired StepStone Group as its private equity consultant for its $4.4 billion private equity portfolio, said minutes from the Sept. 14 board meeting for the $46.6 billion pension plan.
The other finalist was TorreyCove Capital Partners. The board had launched an RFP in February. Grosvenor Capital Management was the incumbent and was invited to rebid.
Separately, the $46.6 billion pension fund took no action on a search it had considered launching in the third quarter for risk-parity managers for a new 5% “other opportunities” allocation. No RFP had been issued.
