LA Fire pension reappoints Portfolio Advisors as PE consultant

The system was unable to finalize the decision at an earlier meeting.

Los Angeles Fire & Police Pensions renewed Portfolio Advisors’ role as the system’s private equity consultant for another three years.

LA Fire picked Portfolio Advisors over Mercer at the $28 billion system’s April 6 meeting, LA Fire investment officer Susan Liem confirmed. Both firms made presentations at LA Fire’s March 16 meeting, providing a glimpse into how LPs select consultants and rivals compete against each other for consultants.

However, the selection process was delayed as only four of the board’s nine members agreed with the recommendation of staff and general adviser RVK to continue with Portfolio Advisors as its private equity consultant.

Portfolio Advisors proposed an annual fee of either $1.2 million or $1.4 million depending on whether LA Fire pays legal costs related to closing fund commitments.

At the March meeting, Portfolio Advisors managing director Liz Campbell said her firm has been criticized for its conservative approach in avoiding investments in early-stage venture funds and crypto.