Los Angeles Water & Power Employees' Retirement Plan hired StepStone as its private equity consultant, subject to successful contract negotiations, said Jeremy Wolfson, chief investment officer for the $14 billion pension fund, in an email.
At the same time, the board at its Nov. 15 meeting extended incumbent Pension Consulting Alliance's contract for another year until Dec. 31, 2018. PCA's contract was set to expire Dec. 31.
StepStone's selection follows an RFP issued in May. PCA rebid and was one of six finalists the board considered.
There is a 30-day termination clause that pension officials will enact when StepStone's contract is complete, Mr. Wolfson wrote. The pension fund has an 8% strategic target allocation to private equity.