Los Angeles Water & Power Employees' Retirement Plan named five finalists in its search for up to two active international small-cap equity managers to run a total of up to $600 million, said Scott Vargas, senior investment officer, in an email.
The $15 billion pension fund named AllianceBernstein, Principal Global Investors, Schroders, Strategic Global Advisors and Victory Capital Management as the finalists that will make presentations to the board at its Aug. 14 meeting, with a decision to follow shortly thereafter.
The pension plan issued an RFP in December for one or two active international small-cap equity managers as a result of a restructuring of the plan's global equity portfolio.
The restructuring, which was approved by the board in November 2017, created a 4% target to active international small-cap equities.
Investment consultant RVK is assisting.