Erika Tiedge

LA Fire & Police Pensions manages about $13.5 billion in its plan. It began its investments into hedge funds in 2007 through several fund-of-fund managers. The firm is not invested in single-manager hedge funds at this time. The firm also has investments in private equity and real estate funds. For its funds of hedge funds investments, LAFPP works with investment consultant RV Kuhns, who is currently conducting an asset allocation study for the firm which should wrap up by the end of 2010. Any changes to the firm's hedge fund portfolio will not take place until 2011. The firm was previously working with Pension Consulting Alliance but this relationship has since terminated.On the private equity side, LAFPP works with its gatekeeper, Portfolio Advisors, who handles all manager due diligence. LAFPP gets most ideas from Portfolio Advisors and is actively building a diversified portfolio of single-manager private equity funds in all strategies including buyout, venture capital, and a bucket which it calls "special situations", meaning all other strategies (mezzanine, secondaries, distressed, etc). LAFPP's target allocation to private equity is about 10%, and it currently has 6.5% in funded commitments with 5% in unfunded commitments.The firm's consultant on the real estate side is Townsend.