Los Angeles County Employees Retirement Association, Pasadena, launched an RFP for one or more cash overlay managers to provide a passive component with the possibility of an active component for a new program.
The manager or managers for the new program would run only the excess cash above the $56 billion pension fund's 1% cash target allocation.
Proposals are due by 3 p.m. PST on Dec. 14, with a selection to be made as early as March 13. The RFP is available on LACERA's website.
Separately, Lou Lazatin was appointed LACERA's new CEO, replacing interim CEO Robert R. Hill. Mr. Hill came in following the retirement of Gregg Rademacher in October 2017. Ms. Lazatin had been CEO at Shriners Hospitals for Children of Southern California.