Los Angeles Water & Power Employees' Retirement Plan named three finalists in its search for a U.S. bank loan manager to run a total of about $229 million.
The retirement plan's board, which oversees a total of $20.1 billion including a $17 billion defined benefit plan, approved Blackstone, KKR & Co. and incumbent Pacific Asset Management as finalists at its meeting Wednesday, said Jeremy Wolfson, chief investment officer.
The board issued an RFP in September because it wanted to review different bank loan managers, Mr. Wolfson said. Finalist presentations are tentatively scheduled for the board's Feb. 23 meeting with a selection shortly thereafter.
As of Nov. 30, Pacific Asset Management managed about $196 million for the pension plan and $33 million for the $3 billion health fund.
Investment consultant RVK is assisting.