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Nayar leaves HSBC after more than 25 years at the company.
The $22.6 billion pension fund is also seeking investment analysts for fixed income, equities and real assets.
LACERA outperformed its benchmark by 140 basis points to raise its portfolio’s asset value to $73.6 billion.
He succeeds Christopher Conkey, who will step down in December after more than 13 years with the firm.
He was most recently head of investment management at private banking firm Brown Shipley.
CIO Kåre Hahn Michelsen has been promoted to succeed Søren Kolbye Sørensen as head of the $21.5 billion fund.