Los Angeles Fire & Police Pension System invested $25 million each with two emerging managers, OakBrook Investments and Redwood Investments, for active domestic large-cap equity portfolios, said Ray Ciranna, general manager of the $18.6 billion pension fund, in an e-mail to Pensions & Investments.
The board issued an RFP in December. The other finalists were Affinity Investment Advisors, Poplar Forest Capital and TWIN Capital Management.
The pension fund in the past year has hired seven emerging managers across asset classes with mandates totaling about $225 million, Mr. Ciranna noted.
Separately, the board renewed the contract of LM Capital, which runs $344 million in active core-plus fixed income. LM Capital’s contract was set to expire Aug. 31.
RVK, the fund’s general investment consultant, assisted on both actions.