MINIMUM QUALIFICATIONS:
All firms submitting proposals for advisory private equity consulting services must meet the following criteria:

1. The firm must have a five-year verifiable performance track record of committing capital to emerging managers.
2. The firm must have committed a minimum of $200 million to emerging managers within the past 12 months.
3. The firm must have at least five institutional clients, with a minimum of one public pension fund with a plan size of at least $10 billion.
4. The firm must have at least $1 billion of private equity assets under management as a fiduciary.
   

REQUIREMENTS AND INSTRUCTIONS FOR RFP RESPONSE:
A. Format and Content
Proposals are to address all the questions posed by LACERA in the order in which they appear in this RFP. All requested information must be provided in the prescribed format. Answers are to be succinct in a 12 point font and single-sided page limit maximums (as indicated below) are to be complied with.

The format of your response shall be as indicated in the following:

1. Cover Letter
   A cover letter (1 page) shall be signed by the individual(s) who is (are) authorized to bind the respondent contractually. The letter shall contain a statement to the effect that the respondent is not currently under investigation by any regulatory agency, state or federal, for any reason. The letter should identify your firm’s competitive advantage(s), the specific team that will be working on LACERA account, and reasons why the firm should be selected.
2. Table of Contents
   The response must contain a table of contents (2 pages) that identifies the major sub-sections of the Questionnaire.
3. Executive Summary
   The primary objective of the executive summary (1 page) is to provide an overview of the key points in the response for LACERA. It should be brief and concise.
4. Questionnaire
   Provide your response to the enclosed private equity Emerging Manager Discretionary Separate Account Questionnaire (Attachment A). Responses shall be in the prescribed format and shall not exceed a maximum of 40 pages including questions. However, the 40 page limit excludes responses to Attachments and requested Exhibits. Portions exceeding 40 single sided pages will not be read or evaluated. The RFP and Attachments have been made available for review and download via LACERA’s website. To get to the appropriate web page, go to LACERA’s website home page at www.lacera.com and follow the appropriate links under the “RFP Opportunities” section. As such, please download the questionnaire and respond within the body of the questionnaire.
5. Attachments
   Respondent seeking consideration as the private equity Emerging Manager Separate Account Manager must complete and return all Attachments

B. Questions
Respondents may request clarification to the intent and content of the RFP by submitting written questions by e-mail (visit LACERA web site highlighted below to generate an e-mail or send an e-mail directly to alternatives@lacera.com), mail (see address above), or fax to Christopher J. Wagner at (626) 564-6130. All respondent questions must be in writing and sent via e-mail, mail or fax and are due no later than 3:00 PM PDT on Friday, December 28, 2007.

This RFP and responses to all respondent questions will be posted on LACERA web site at www.lacera.com. All questions received and responses thereto will be posted on LACERA’s web site only on or about 3:00 PM PDT, Friday, January 4, 2008. Please make arrangements to access LACERA’s web site.

Additional Information
Please note that during this evaluation process LACERA Staff will not answer any questions related to the RFP. After December 28, 2007, if a question appears unclear to you, please state your interpretation of the question and answer it accordingly. Additionally, respondents are requested not to contact LACERA personnel for meetings, conferences, or discussions related to this RFP.

C. Submission
If your firm meets the minimum requirements and is interested in participating in this evaluation, please submit seven (7) hard copies of your written response in a plastic ring bound binder no later than 3:00 PM PDT, Friday, January 25, 2008. Additionally, respondents are requested to submit one (1) copy of their response on an IBM compatible CD or DVD or send it via email to alternatives@lacera.com. The following formats are acceptable: Microsoft Office Word 2003 (or earlier) and Microsoft Office Excel 2003 (or earlier). Please clearly label the CD or DVD with your firm name as well as the format for which your response was typed.

Send or deliver your response to:
Christopher J. Wagner
Senior Investment Officer, Private Equity
LACERA
300 North Lake Avenue, Suite 850
Pasadena, CA
91101

RFP & ATTACHMENTS:
Q&A: RFP - Emerging Manager Discretionary Separate Account (1-7-08)
RFP— Emerging Manager Discretionary Separate Account
A - Questionnaire
B - Minimum Qualification Certification
C - Fee Schedule
D - Summary of LACERA’s Private Equity Assets
E - Request for Sample Fund Deal Logs
F - Request for Sample Fund Due Diligence Report and Investment Recommendation
G - Request for Investment Track Record