Los Angeles County Employees Retirement Association, Pasadena, Calif., has launched a search for emerging managers of core/core-plus fixed income, an RFP shows.
The $54 billion pension fund's staff may invest no less than $100 million per manager. The amount funded will depend on the firm's total assets in the proposed strategy and total assets under management, according to the RFP, which is available on LACERA's website.
Responses are due 3 p.m. PST Feb. 22.
LACERA has an allocation range of zero to 4% for emerging fixed-income managers and has a 27% target fixed-income allocation.
LACERA defines emerging managers as independent firms with less than $2 billion in assets under management and an investment performance record, generally, of less than five years.