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RFP: Illiquid Credit Manager Services

The Los Angeles County Employees Retirement Association (“LACERA”) ") is requesting proposals from qualified firms interested in providing illiquid credit investment management services. The purpose of this RFP is to identify an illiquid credit investment manager to implement a significant and foundational allocation for LACERA. The specific services requested are further described in the Request for Proposal document.

SUBMISSION REQUIREMENTS

The completed proposal must be delivered by 5:00 PM, PDT, Friday, May 24, 2019. Any proposal delivered after the proposal deadline will not be considered. Proposals may be submitted in one of two ways: 1) emailed to illiquidcreditsearch@LACERA.com or 2) a USB flash drive with electronic files may be mailed to the physical address below.

The size of any emails should not exceed 32 megabytes. If necessary, attachments that have a large file size may be distributed across multiple emails. Faxed and mailed physical paper transmissions are not acceptable. Also, send one electronic copy marked “REDACTED”. The redacted copy should exclude all material from your proposal that you believe in good faith is exempt from disclosure under the California Public Records Act (Cal. Gov. Code Sections 6250 et seq.) (Described in Section VI of this RFP). Redactions should appear as blacked out material or blank page(s) with the word “REDACTED” or “PROPRIETARY” inserted.

Deadline for RFP Response

The completed proposal must be delivered by 5:00 PM, PDT, Friday, May 24, 2019. Any proposal delivered after the proposal deadline will not be considered.

QUESTIONS RELATING TO THIS RFP

All questions, inquiries, and requests for additional information concerning this RFP should be received no later than 5:00 PM, PDT, Friday, May 3, 2019 and should be e-mailed to illiquidcreditsearch@LACERA.com. All questions received and responses thereto will be posted on LACERA’s website (www.lacera.com) under the “RFP Opportunities” section on or about 5:00 PM PDT, Friday, May 10, 2019.
UPDATED 5-10-19: PDF icon LACERA Responses to Written Questions

Tentative Timetable

The following is a tentative schedule for this search. The evaluation and staff recommendation phases are subject to modification by LACERA.

Task Date
LACERA RFP Issued April 19, 2019
Submission — RFP Questions Deadline May 3, 2019
LACERA Response to Written Questions May 10, 2019
Submission — RFP Response Deadline May 24, 2019
RFP Evaluation June - July 2019
Additional Semi-Finalist Evaluation August - September 2019
Staff Recommendation to Board of Investments November 2019

RFP MATERIALS

PDF Icon RFP: Illiquid Credit Manager Services

SAA & Benchmarks
LACERA Investment Policy Statement
Minimum Qualifications MS Word file Zipped
Illiquid Credit Investment Manager Request For Proposal Questionnaire
Diversity & Inclusion MS Word file Zipped
Investment Management Agreement MS Word file Zipped
LACERA Agent Disclosure and SEC Compliance Form MS Word file Zipped

Questionnaire MS Word file Zipped