The Los Angeles City Employees’ Retirement System (LACERS) has selected three semifinalist candidates in its search for a new private equity consultant, according to board documents released in advance of next week’s meeting.
The three firms under consideration–Cambridge Associates, Cliffwater and Torrey Cove Capital Management–will undergo final interviews with the $16.7 billion US public pension, having already passed LACERS’ initial screening and onsite due diligence. Following the interviews, LACERS’ investment committee will recommend finalist candidates to the board.
LACERS launched the initial request for proposals in October 2017 and closed its search in December.
The pension has a 12 percent target allocation to private equity that stands at 9.8 percent currently. Platinum subscribers may click here for the pension’s full profile, including key contacts, allocation strategy and fund investments.