Los Angeles City Employees' Retirement System committed up to $44 million to two private equity funds as part of private equity consultant Portfolio Advisors' discretionary mandate, according to agenda materials for the $14.9 billion pension fund board's Oct. 25 meeting.
LACERS committed up to $15 million to Spark Capital Growth Fund II, a venture capital fund. This is LACERS' fifth commitment to a Spark fund.
LACERS also committed up to €26.5 million ($29.1 million) in buyout fund BC European Capital X, managed by BC Partners. This is LACERS' second commitment to BC Partners.
Separately, at its Oct. 25 meeting LACERS investment committee will consider launching, as early as Dec. 12, an RFP for investment transition management services. LACERS maintains a bench of two transition managers — BlackRock and Northern Trust. The staff is recommending launching the search to test the marketplace. Both firms would be invited to rebid.
The staff is recommending that LACERS expand its transition manager bench to about five managers, “presuming that a sufficient number of managers respond and are deemed capable pursuant to the requirements of this RFP,” a memo to the investment committee said. If approved by the board, responses could be due as early as Feb. 13 with selections made next June. The RFP would be posted on LACERS' website.
