The $15 billion Los Angeles Fire & Police is conducting a search for an emerging fund of hedge funds manager.
Once search criteria have been established, Pension Consulting Alliance (PCA) plans on re-issuing the RFP originally issued last year. According to PCA, hedge funds and funds of funds have provided investors with "downside protection (relative to equity strategies), lower volatility, and diversified pension plan portfolios".
The re-issuing of the RFP is the result of several money managers no longer offering funds of funds and is in light of the recent market turmoil, PCA told trustees. The original RFP criteria were