LACERA - The Los Angeles County Employees Retirement Association LACERA Home Disclaimer Links My LACERA FAQs Contact Us LACERA Home


Search by Topic

Brochures & Forms


OPPORTUNITIES


RFP: PRIVATE EQUITY SECOND ADVISOR

The Los Angeles County Employees Retirement Association (“LACERA”) is requesting information from qualified firms interested in providing secondary advisory services to support the LACERA Private Equity Secondary Program (the “Program”). Program Objectives and proposed investment criteria are contained in Section I, Background Information and Section II, Scope of Services, respectively.

This request for proposal (“RFP”) is to solicit information from qualified organizations to provide advisory services for the Private Equity Secondary Program. As amended by the Board of Investments ("BOI") in October 2017, the Secondary Program seeks to strategically and tactically increase (or decrease) investment exposure to fund managers with the goal of improving the long-term economic returns. Approximately 130 limited partnership interests valued at $1.4 billion are attached to general partners that are no longer a core part of LACERA’s ongoing strategy. LACERA is exploring a sale of all or a portion of those interests to streamline the portfolio, reduce administrative burden, and to allow resources to be fully dedicated to key relationships. Looking forward, LACERA may engage a secondary advisor’s services to acquire attractively priced secondary interests that address needs in the portfolio.

Minimum Qualifications

Your firm must certify, by completing and signing Attachment B that your firm meets the minimum qualifications required. LACERA reserves the right to grant exceptions to the minimum qualifications and requirements if deemed to be in the best interest of LACERA.

Intent to Respond Deadline

If you are interested in responding, please email your Intent to Respond (Attachment A) by 3:00 PM PST, Monday, February 5, 2018, to:

  • Mr. Christopher J. Wagner
  • Principal Investment Officer
  • LACERA
  • 300 North Lake Avenue, Suite 850
  • Pasadena, CA 91101
  • alternatives@lacera.com

Proposal Deadline

The completed information request must be received by email by 3:00 PM, PST, Monday, February 26, 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 three copies (bound) of the completed proposal are to be sent to the attention of:

  • Mr. Christopher J. Wagner
  • Principal Investment Officer
  • LACERA
  • 300 North Lake Avenue, Suite 850
  • Pasadena, CA 91101
  • alternatives@lacera.com

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. Government Code section 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.

Responses received after the specified deadline may be considered for evaluation solely at the discretion of LACERA. In addition, LACERA reserves the right to request additional information or clarifications from respondents, or to allow corrections of errors or omissions.

Questions Relating to this RFP

All questions, inquiries, and requests for additional information concerning this RFP should be directed to Christopher J. Wagner no later than 3:00 PM, PST, Friday, February 9, 2018 and should be sent by e-mail (alternatives@lacera.com). All questions received and responses thereto will be provided only to the firms that have submitted the Intent to Respond, included as Attachment A, by 3:00 PM PDT, Monday, February 5, 2018.

Update 2-15-18: Responses to Questions

Quiet Period

Please note that during this evaluation process LACERA will not answer any questions related to the RFP except as set forth in the paragraph above. After February 8, 2018, if a question appears unclear to you, please state your interpretation of the question and answer it accordingly.

To ensure that prospective service providers responding to this RFP have equal access to information regarding the RFP and communications related to the RFP are consistent and accurate so that the selection process is efficient and fair, a Quiet Period will be in effect from the date of issuance of this RFP until the selection of one or more respondents is completed and announced. During the Quiet Period, respondents are not permitted to communicate with any LACERA staff member or Board Member regarding this procurement, except through the point of contact, Christopher Wagner, named herein. Respondents violating the Quiet Period may be disqualified at LACERA’s discretion. Respondents who are existing LACERA service providers must limit their communications with LACERA staff and Board Members to the subject of the existing services provided by them.

Tentative Timetable

The following is the tentative time schedule for LACERA's search for firms to provide non-discretionary private equity advisory/consulting services. All dates are subject to modification by LACERA.

RFP Stage Date
RFP issued 1/30/18
Intent to Respond deadline (Firm) 2/5/18
RFP question submission deadline (Firm) 2/9/18
Responses to submitted questions 2/15/18
RFP Information Request deadline (Firm) 2/26/18
Notification of semi-finalists 3/27/18
Interview period 4/1/18–4/15/18
Notification of finalists 5/15/18
Board of Investments interviews 6/13/18
Selection(s) Announced 6/15/18

RFP and Attachments