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OPPORTUNITIES


RFP: Factor Based Investment Management Services

The Los Angeles County Employees Retirement Association (LACERA), a $54.0 billion public pension fund, is evaluating the capabilities of firms that offer U.S. equity and/or non-U.S. equity factor-based separate account investment management services. The strategies within this mandate would provide consistent (non-tactical), rules-based exposure to one or more factors that have been demonstrated by rigorous academic research to be persistent, robust, and tradable. The anticipated funding size is approximately $1.5 billion for each mandate.

MINIMUM QUALIFICATIONS

All returns must be verifiable; managers with unverifiable returns will be disqualified

  1. Must be an SEC-registered investment advisor or exempt from registration. If exempt, must explain the nature of this exemption.
  2. Must submit the entire Form ADV, including Part 1 and Part 2 brochures and relevant Schedules.
  3. Must have at least three (3) defined benefit public pension plan clients in the proposed strategy or similar factor strategies.
  4. The organization must have at least a 3-year performance track record as of March 31, 2019 for the proposed strategy or similar factor strategies.
  5. The organization must have at least $5 billion in assets in the proposed strategy or similar factor strategies and all assets must be managed directly by the organization as of March 31, 2019.
  6. The organization must conform to Global Investment Performance Standards for performance reporting.

SUBMISSION REQUIREMENTS

Please fill out the attached questionnaire, placement agent disclosure and SEC compliance form, and supplemental information. Responses to the questionnaire should be limited to a maximum of 50 pages double-sided using 12-point font. Submit one (1) hard copy of your written response and one (1) electronic copy on a USB flash drive to:

  • Ron Senkandwa
  • Senior Investment Analyst — Equities
  • LACERA
  • 300 North Lake Avenue, Suite 850
  • Pasadena, CA 91101

As part of your submission, please also provide a redacted version of your response, marked “REDACTED,” both in hard copy (one, unbound) and electronically. The redacted copies should exclude all material from your proposal that you believe in good faith is exempt from disclosure under the As part of your submission, please also provide a redacted version of your response, marked “REDACTED,“ both in hard copy (one, unbound) and electronically. The redacted copies should exclude all material from your proposal that you believe in good faith is exempt from disclosure under the California Public Records Act, (California Government Code section 6250 et seq. the “Act“). Individual redactions should appear as blacked out material. Large sections, tables, or entire blank page(s) shall include the word “REDACTED“ or “PROPRIETARY“ inserted.

In addition, send one (1) hard copy of your written response and one (1) electronic copy on a USB flash drive to:

  • Steve MacLellan, CFA
  • Vice President, Consultant
  • Meketa Investment Group, Inc.
  • 100 Lowder Brook Drive, Suite 1100
  • Westwood, MA 02090

Following the evaluation of the written responses, LACERA may invite managers for interviews.

Deadline for RFP Response

Completed responses must be received no later than 3:00 PM (PST) on Friday, May 10, 2019. Responses received after the specified deadline may be considered for evaluation solely at the discretion of LACERA.

RFP MATERIALS

PDF Icon RFP: Factor Based Investment Management Services

Factor-Based_2019_RFP_Appendix-B_ESG-Manager-Survey_Proxy-Votes MS Excel file Zipped