Los Angeles County Employees Retirement Association (LACERA) is planning to hire managers to oversee its emerging manager programme for its real estate and real asset portfolio.
The $73bn (€70.1bn) pension fund disclosed in a meeting document that it expects to issue a request for proposal (RFP) in January next with a plan to hire at least one manager in the third quarter of 2023.
Managers seeking to apply to oversee the programme should have a five-year track record of committing capital to emerging managers.
The managers applying should have committed a minimum of $100m to emerging managers within the past 36 months and have at least three institutional clients with at least one public pension fund with a plan size of at least $10bn.
LACERA is also expected to add at least one discretionary separate account relationship of up to $400m within its emerging manager programme. LACERA, which intends to hire for a real estate programme, could also pick a manager for the real assets portfolio which comprises infrastructure and natural resources.
LACERA defines emerging managers as firms that have raised capital for up to third institutional funds with commitments of up to $1bn for either real estate or real assets.
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