Updated with correction
Los Angeles Fire & Police Pension System is preparing to launch an RFP for small-cap U.S. equity emerging managers to run a combined $147 million, said Tom Lopez, CIO of the $23.9 billion pension plan in an email.
The search is expected to be posted on the pension fund's website in the next 45 days.
Funding for the new mandates is coming from the terminations of emerging managers Redwood Investments and FIS Group, which managed a total of $147 million as of March 31. Redwood managed large-cap domestic equities and FIS managed an international equities portfolio.
Robert L. Morier, senior vice president FIS Group, could not be reached for comment.
RVK, the sponsor's consultant, assisted with the terminations, according to fund documentation.