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RFI: REAL ESTATE ADMINISTRATIVE SERVICES SEARCH

The Los Angeles County Employees Retirement Association (“LACERA”), a $57 billion public fund, is evaluating the capabilities of service providers that perform real estate-related back office accounting, administrative, operational, tax and legal-related services.

The real estate program is made up of 13% comingled funds and 87% separate accounts. The separate accounts are held in Special Purpose Entities (“SPE”) that hold title to real estate investments. As of October 2018, LACERA’s real estate portfolio included 12 separate account managers (consisting of 180 SPEs and 102 separate account properties), and 20 commingled funds.

If LACERA elects to retain an RE administrator, the preference will be to select a single service provider. However, LACERA reserves the right to hire more than one service provider. Furthermore, LACERA may choose to engage an RE administrator to provide one, some or all of the services referenced above.

Scope of Work

LACERA's Board of Investments has elected to explore the possibility of retaining the services of a qualified Real Estate Administrative Service provider (“RE Administrator”). The RE Administrator will provide operational, legal, tax and administrative services relating to the Fund’s Real Estate program impacting several groups within LACERA, including the Executive Office, Legal Office, Financial Accounting Services Division (FASD) and the Investment Office.

Minimum Qualifications

LACERA’s Board of Investments has established the following minimum qualifications for this evaluation:

  1. The service provider must have at least three years of history providing back office fund and program accounting, administration, operational, and legal services relating to real estate.
  2. The service provider must have at least three institutional clients for which such real estate fund accounting, administration, operational, and legal services are provided.

Questions Relating to this RFI

All questions, inquiries, and requests for additional information concerning this RFI should be directed to LACERA no later than 3:00 PM PST, Wednesday, November 14, 2018 and should be sent by e-mail (REAdminServices@lacera.com). All questions received and responses to questions will be posted on this page on or about 3:00 PM PST, Wednesday, November 21, 2018.

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 30 pages, double-sided (excluding supplemental information), in 12-point font size. Also submit one (1) electronic copy (using Microsoft Word or PDF) on a USB flash drive to:

  • Trina Sanders
  • Investment Officer LACERA
  • Gateway Plaza
  • 300 North Lake Avenue, Suite 840
  • Pasadena, CA 91101-4199
  • REAdminServices@lacera.com
  • Mark Jackman
  • Meketa Investment Group
  • 5796 Armada Drive, Suite 110
  • Carlsbad, CA 92008

In addition, please send one unbound copy, and one USB flash drive, each marked “REDACTED.” 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.). Redactions should appear as blacked out material or blank page(s) the word “REDACTED” or “PROPRIETARY” inserted.

Deadline for RFI Proposals

Completed responses to the RFI must be received no later than 3:00 PM PST, Thursday, November 29, 2018. Responses received after the specified deadline may be considered for evaluation solely at the discretion of LACERA.

Tentative Timetable

The following is the tentative time schedule for LACERA's RFI search for the Real Estate Administrative Services. All dates are subject to modification by LACERA.

Task Date
RFI Issued November 5, 2018
RFI Question Deadline November 14, 2018
LACERA Responds to Submitted Questions November 21, 2018
RFI Response Deadline November 29, 2018
In-House Interviews (Tentative) January 10-17, 2019
Update on RFI to Board of Investments (Tentative) March 2019

RFI MATERIALS

PDF Icon RFI: Real Estate Administrative Services Search