The $31bn Los Angeles County Employees Retirement Association (LACERA) is planning a search for emerging markets private equity managers in the third quarter.
LACERA is currently looking at private equity opportunities, and according to Chris Wagner, investment officer, alternative assets, the fund is looking to hire two to three managers in the third quarter of this year. The selected managers will run $5m to $10m each, Wagner said.
Wagner also said that once managers had been hired in the third quarter, the fund will look at hiring additional emerging markets private equity managers.
The fund's allocation for emerging markets private equity investments is $65m, and Wagner said that the fund was looking at hiring two to three managers a year, for the next three to four years, until the target allocation is met.
By Geoffrey Ho
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.