Pension fund, Fairview team up to aid new alts managers
Miriam Rivera said mentors helped her convert a family office into an institutional firm.
Los Angeles Fire & Police Pensions on Nov. 17 joined private equity emerging manager program manager Fairview Capital Partners for their inaugural Investing in Inclusion event to give new managers tips on building a firm and navigating the fundraising process.
One of the main messages is it isn t easy, it requires a hefty dose of the entrepreneurial spirit and the backing of family, friends and mentors to make it through at least 18 months without an income. And aspiring private equity general partners have to be really good at being told no, according to the speakers who included Fairview executives, LAFPP officials and emerging managers involved in the pension fund s program.
Los Angeles F&P to issue call for private credit, bank loans
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Los Angeles Fire & Police Pensions board on Thursday voted to launch two RFPs, one for a private credit fund manager and another for a syndicated bank loan portfolio manager, said Ray Ciranna, general manager, in an email.
Officials at the $27 billion pension fund are conducting the search as a result of a new 2% private credit allocation adopted in June.
Since it can take at least two or three years for a private credit fund portfolio to reach its target allocation, staff recommended the plan create a leveraged syndicated bank loan portfolio to quickly provide exposure to private credit, generate income and eventually fund the private credit fund portfolio, according to a memo to the board.
Los Angeles Fire & Police CIO to retire in 2021
Tom Lopez
Tom Lopez, longstanding CIO of the $27 billion of the Los Angeles Fire & Police Pensions, is retiring sometime next year, General Manager Ray Ciranna said in an email.
Mr. Lopez has been CIO since 1980. During his tenure the pension plan grew from $400 million in assets with four managers investing in stocks and bonds to 40 managers investing in more than a dozen asset classes. The LAFPP commissioners wholeheartedly thank Tom Lopez for his years of service. His steady hand and wise advice are a pillar to the success of this fund, said board President Brian Pendleton in a written statement.