Los Angeles City Employees' Retirement System is searching for a manager to run about $670 million in a private credit strategy focusing on senior secured debt, an RFP shows.
The board of the $17 billion pension fund is launching the search as a result of a new asset allocation adopted in April.
Pension fund officials will consider strategies with a geographic emphasis in the U.S., Europe or Asia, the RFP said. The proposed credit mandate is expected to outperform the Credit Suisse Leveraged Loan index by 200 basis points over a full market cycle.
Proposals are due by 5 p.m. PST on Jan. 18. A selection date has not yet been determined. The RFP is available on LACERS' website.
LACERS' general investment consultant, NEPC, is assisting. Rod June, chief investment officer, could not be reached for comment.