The Los Angeles Fire & Police Pension System has terminated the Semper Capital Mortgage-Backed Securities portfolio, according to meeting materials from the September 1 meeting.
Meeting materials cite turnover of investment and operations personnel as part of the reason to decline renewing the contract with Semper. Proceeds from the termination will be moved to the GIA Partners Core-Plus account.
Semper Capital Management was hired in 2015 for $25 million as part of a fixed income emerging manager search.
As of June 30, 2022, Semper managed approximately $50.6 million for LAFPP. LAFPP’s actual and target allocation to fixed income was 19% and 22% respectively.
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