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RFP: HEDGE FUNDS, ILLIQUID CREDIT AND REAL ASSETS CONSULTANT SEARCH

The Los Angeles County Employees Retirement Association ("LACERA") is requesting proposals from qualified firms interested in providing non-discretionary advisory/consulting services for hedge funds, illiquid credit, and real assets (excluding real estate) investments. The specific services requested via this Request for Proposal (“RFP”) are contained in Section II, Scope of Services.

INTENT TO RESPOND

If you are interested in responding, please submit your Intent to Respond (Attachment A) by 3:00 PM, PST, Friday, September 14, 2018, as well as your completed proposal (email and hard copies) by 3:00 PM, PST, Friday, September 28, 2018, to:

Background

Three firms currently provide investment consulting services to LACERA. One firm serves as LACERA’s general consultant and has primary responsibility to serve as an advisor on matters related to asset allocation, investment policy, and the public markets portfolio (including global public equities and fixed income) as well as LACERA policy implementation and oversight. The other two firms provide investment consulting services for the private markets portfolio (private equity and real estate).

The services requested in this RFP will be an addition to the existing LACERA investment consulting relationships mentioned above. Existing service providers are permitted to submit a response to this RFP. LACERA is currently using its hedge fund of funds managers as advisors for its direct hedge fund portfolio. State Street Bank serves as custodian for the assets of LACERA.

Deadline

The completed proposal (email and hard copies) must be delivered by 3:00 PM, PST, Friday, September 28, 2018. Any proposal delivered after the proposal deadline will not be considered. Faxed transmissions are not acceptable. The email transmission and an original (unbound) and six copies (bound) of the completed proposal are to be sent to the attention of:

Also send one unbound 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.

Questions Relating to this RFP

All questions, inquiries, and requests for additional information concerning this RFP should be received no later than 3:00 PM, PST, Friday, September 7, 2018 and should be e-mailed to
consultantsearch@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 3:00 PM PDT, Friday, September 14, 2018.

Tentative Timetable

The following is the tentative time schedule for LACERA’s search for firms to provide non-discretionary hedge funds, illiquid credit, and real assets advisory/consulting services. All dates are subject to modification by LACERA.

Task Date
LACERA RFP Issued August 24, 2018
Submission — RFP Questions Deadline (Firm) September 7, 2018
Submission — Letter of Intent (Firm) September 14, 2018
LACERA Response to Written Questions September 14, 2018
Submission — RFP Response Deadline September 28, 2018
Notification of Firms Past First Round (Tentative) October 26, 2018
Notification of Advancement (Tentative) November 23, 2018
Board of Investments Interviews (Tentative) January 9, 2019
Selection Announced (Tentative) January 9, 2019

RFP MATERIALS

PDF Icon RFP: Consultant Search for Hedge Funds, Illiquid Credit and Real Assets
PDF Icon Responses to Written Questions

Attachments

A. Intent to Respond MS Word file Zipped
B. LACERA Hedge Funds, Illiquid Credit and Real Assets Holdings PDF
C. LACERA Investment Policy Statement PDF
D. Minimum Qualification Certification MS Word file Zipped
E. Questionnaire MS Word file Zipped
F. Supplemental Questionnaire MS Excel file Zipped
G. Supplemental Diversity & Inclusion Questionnaire MS Word file Zipped
H. Investment Consulting Services Agreement MS Word file Zipped