Los Angeles County Employees Retirement Association is searching for a manager or managers to run more than $1 billion, or 3.3% of total plan assets, in an actively managed high-yield fixed-income portfolio, according to an RFP on the $58 billion pension fund’s website.
Pasadena, Calif.-based LACERA launched the search as a result of a January reorganization of its $5.6 billion credit portfolio, creating a 3% high-yield allocation, with a range of zero to 6%.
The number of managers selected will be depend on the types of strategies proposed and their portfolio fit, the RFP said. LACERA officials prefer the portfolio or portfolios be managed in separately managed accounts.
The RFP is available on the pension fund’s website. Proposals are due by 3 p.m. PDT on Aug. 7. A selection is expected by the first quarter of 2021.