The Los Angeles County Employees’ Retirement Association (LACERA) has appointed Grosvenor Capital Management, Pensions & Investments reports. Grosvenor will be managing a $250 million customized hedge fund-of-funds mandate for the California-based retirement association.

The association selected Grosvenor from a request for information (RFI) that was launched in January this year. The allocation is the $38.9 billion association’s first hedge fund-of-funds investment.

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