The Los Angeles County Employees Retirement Association invites proposals from qualified companies to implement the Real Assets Emerging Manager program, covering real estate and real estate assets.
The mandate is to operate a separate account in a “manager of managers” structure to invest in funds led by emerging managers. LACERA is looking for either a single manager to manage both real estate and real estate assets, or two separate managers to manage the different classes.
The manager will be responsible for carrying out assessments of investment opportunities and providing detailed written recommendations, including investment results and operational due diligence; monitoring and reporting of investments in collaboration with LACERA’s custodian bank; assess the general partner’s commitment to diversity, equity and inclusion; provide DEI metrics; assess the general partner’s commitment to environmental, social and governance policy; and provide ESG measures.
“The investment performance objective for this program, as measured by the internal rate of return, is an annualized return of the respective benchmark indices for each asset class over a 10-year period,” says the LACERA RFP. . “This performance target is net of all partnership fees, expenses and deferred interest, as well as management fees, expenses and deferred interest, and is in line with the return expectations of the Fund’s asset class.”
Submissions indicating a company’s “intent to respond” must be submitted by February 8, while full proposals must be submitted by March 3. LACERA intends to select a manager implementing this program during the third quarter of 2023. Here you will find additional instructions on how to complete a submission, as well as additional information about the opportunity.
Related stories:
Illinois Teachers’ Retirement System Issues RFP for Investment Consultant
CalPERS Selects Wilshire Advisors as Consultant for Private Debt Allocation
Minnesota State Pension will seek general consultants
Key words: LACERA, Los Angeles County Employees Retirement Association, pensions, real estate, request for proposal, Tender