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REQUEST FOR INFORMATION (RFI): LARGE-CAP U.S. EQUITY 130/30 STRATEGY INVESTMENT MANAGEMENT SERVICES
The Los Angeles County Employees Retirement Association (LACERA), a $42 billion public pension fund, is evaluating products commonly called “130/30” strategies. Such strategies entail limited amounts of short sales and leverage, while maintaining full exposure to a benchmark index. Investment managers offering 130/30 products for large-cap U.S. equities are invited to respond to this questionnaire, provided they meet the minimum qualifications listed below. (Note: the “130/30” label is intended to represent the strategy broadly, and products with different amounts of short selling – such as 120/20 or 140/40 – will also be considered.)
MINIMUM QUALIFICATIONS:
Firms must satisfy all of the following requirements:
- The organization must be registered with the U.S. Securities and Exchange Commission (SEC) as an investment adviser.
- The organization must have been in existence at least 7 years, as of September 30, 2007.
- The organization must have a minimum of $750 million in assets under management across all 130/30 strategies (as of September 30, 2007).
- The proposed product must be benchmarked to either the S&P 500 Index or the Russell 1000 Index.
- The proposed product must have at least a 1-year performance history (as of 9/30/07), and the entire track record must be with invested assets; simulated results will not be accepted. All returns must be verifiable. Managers with unverifiable returns will be disqualified.
SUBMISSION REQUIREMENTS:
If your firm meets these minimum requirements and is interested in participating in this evaluation, please submit six (6) copies, spiral bound (no hard binders or marketing materials) of your written response (maximum 45 pages, one-sided, 12 point size), and one (1) copy using Microsoft Word (a version compatible with MS Word 97), on a CD-R (recordable compact disc) to:
Mr. Vache Mahseredjian, CFA
Principal Investment Officer
LACERA
300 North Lake Avenue, Suite 850
Pasadena, CA 91101
DEADLINE:
Completed responses must be received no later than 3 PM (PST) on Monday, December 3, 2007. Responses received after the specified deadline may be considered for evaluation solely at the discretion of LACERA. ADDITIONAL INFORMATION:
Respondents are instructed not to contact LACERA personnel directly for meetings or discussions related to this RFI. However, if you seek clarification regarding a question in the RFI, you may send an email to RFI130@lacera.com.
Thank you for your interest in providing investment management services to LACERA.
RFI & ATTACHMENTS:
RFI 130/30
12/3/07
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