RFP: OPEB Master Trust, Public Markets Passive Investment Management Services Search

The Los Angeles County Employees Retirement Association (LACERA) is requesting proposals from qualified firms interested in providing passive investment management services to implement the OPEB Master Trust Public Markets Investments Program.

Scope of Work

LACERA seeks one or more multi-asset mandate passive investment managers to invest in public markets. Selected manager(s) will provide LACERA with the following scope of services:

Passive Investment Management Services
- Manage OPEB’s public markets passive investments in separately managed accounts across Global Equity, Liquid Credit, Real Estate, Commodities, TIPS, Investment Grade Bonds, and Long-Term Government Bonds.
- Replicate index returns, while minimizing tracking error at low cost.
- Transact according to the investment guidelines.
- Maintain a system of adequate risk controls.
- Complete all administrative and regulatory filings required.
Reporting
- Provide full transparency on daily net asset values and trading activity.
- Provide monthly accounting and performance reconciliations between the manager’s and LACERA’s custodian records.
- Deliver monthly investment reports, including market outlooks, gross and net-of-fee performance results over multiple time periods, and portfolio risk metrics.
- Submit annual compliance reports.

Submission Requirements

Submit your Intent to Respond (Attachment A) by 3:00 PM Friday, March 17, 2023, as well as your completed proposal (email only) by 3:00 PM Friday, April 7, 2023. Any proposal delivered after the proposal deadline will not be considered. Faxed transmissions are not acceptable. The completed proposal is to be sent to the attention of:

Mr. Jude Pérez, Principal Investment Officer, LACERA
opeb.pm.rfp@lacera.com

-and-

Mr. Timothy Filla, Managing Principal, Meketa
Tfilla@Meketa.com

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 7920 et seq.) (described in Section VII of this RFP). Redactions should appear as blacked out material or blank page(s) with the word “REDACTED” or “PROPRIETARY” inserted.

Questions Related to This RFP

Direct all questions, inquiries, and requests for additional information concerning this RFP to Jude Pérez no later than 3:00 PM March 24, 2023, by e-mail (opeb.pm.rfp@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 March 31, 2023.