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RFI: Active U. S. Small Capitalization Equity Investment Management Services

The Los Angeles County Employees Retirement Association (LACERA), a $52.5 billion public fund, is evaluating the capabilities of investment management firms which offer portfolio management services for active US small capitalization equity strategies. LACERA’s Board of Investments has established the following minimum qualifications for this evaluation:

Minimum Qualifications

(All returns must be verifiable. Managers with unverifiable returns will be disqualified.)

  1. The organization must be registered with the U.S. Securities and Exchange Commission (SEC) as an investment adviser, unless the organization is exempt from registration due to its status as a bank or insurance company.
  2. As of June 30, 2017, the investment manager must have a minimum of $600 million in total assets under management in the proposed product.
  3. The proposed product must have at least a three-year performance track record as of June 30, 2017.
  4. At least 60% of the proposed product?s quarterly rolling one-year excess returns over the last three years ended June 30, 2017 (6 of 9 observations) must exceed the Russell 2000 Index by at least 50 basis points, net of fees.

In addition, the firm must conform to Global Investment Performance Standards (GIPS) for performance reporting.

Submission Requirements

If your firm is interested in participating in this evaluation, please submit five (5) copies, spiral bound (no hard binders or marketing materials) of your written response (maximum 50 pages if one sided, maximum 25 pages if double-sided, 12-point font size), and one (1) electronic copy (using Microsoft Word or PDF), on a USB flash drive to:

  • Dale Johnson
  • Investment Officer — Equities
  • Gateway Plaza
  • 300 North Lake Avenue, Suite 850
  • Pasadena, CA 91101

Please send one unbound copy, and one USB flash drive, each marked “REDACTED” to Mr. Johnson. 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, Cal. Government Code section 6250 et seq. (the “Act”) Redactions should appear as blacked out material or blank page(s) with the word “REDACTED” or “PROPRIETARY” inserted. Each respondent must indicate the basis for the redaction under the Act. Please see the section below “NOTICE TO RESPONDENTS REGARDING THE PUBLIC RECORDS ACT AND RALPH M. BROWN ACT” for further information.


Completed responses must be received no later than 3:00 p.m. (Pacific Time), August 11, 2017. Responses received after the specified deadline may be considered for evaluation solely at the discretion of LACERA.


Please note that during this evaluation process LACERA staff will, respectfully, not answer any questions related to the RFI. 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 RFI.

Thank you for your interest in providing investment management services to LACERA.

RFI and Attachments