The Los Angeles County Employees Retirement Association ("LACERA") is requesting proposals from qualified firms interested in providing discretionary separate account management services to implement the Real Assets Emerging Manager Program (the "Program") covering Real Estate and Real Assets. The specific services requested via this Request for Proposal (“RFP”) are contained in the section below, Scope of Services.

SCOPE OF SERVICES

LACERA seeks a single manager for a Real Estate and Real Assets emerging manager program, or two distinct managers for Real Estate and Real Assets. The mandate is to lead a separate account in a manager-of-managers structure to invest in funds led by emerging managers. Selected manager(s) will provide LACERA with the following scope of services:

Identify and Select High‐Quality Emerging Managers

• Conduct independent evaluations of investment opportunities and provide detailed written recommendations, including results of investment and operational due diligence.

Investment Monitoring

• Monitor and report on investments in collaboration with LACERA’s custodian bank, as well as meet all reporting requirements under California and other applicable laws.
• Assess the general partner’s commitment to diversity, equity, and inclusion (“DEI”) and provide DEI metrics.
• Evaluate the general partner’s environmental, social, and governance (“ESG”) policy and provide ESG metrics.

Collaboration with LACERA

• Provide educational workshops and periodic Separate Account updates.
• Collaborate with staff in investment diligence opportunities and future initiatives.
• Facilitate LACERA’s direct access and maximum allocation to co‐investment and secondary opportunities offered by general partners in the emerging manager program.

Favorable Terms

• Make best efforts to obtain an advisory board seat for LACERA in each fund contained in the Program.
• Negotiate favorable terms in current funds, and position LACERA for favorable terms in future funds including items such as management fees, carry rates including preferred rate and catchup structure, capacity rights, and potential revenue share.

The investment performance objective for this Program, as measured by Internal Rate of Return, is an annualized return of respective benchmarks for each asset category over a 10-year time frame. This objective is net of all partnership fees, expenses and carried interest, as well as any manager fees, expenses, and carried interest. The performance objective is consistent with the Fund’s asset category return expectations.

Firms are invited to submit proposals for Real Assets and/or Real Estate manager discretionary separate account management services described above.

Submission Requirements

Submit your Intent to Respond (Attachment A) by 3:00 PM Wednesday, February 8, 2023, as well as your completed proposal by e-mail by 3:00 PM Friday, March 3, 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. Pushpam Jain and Ms. Cindy Rivera, LACERA Investments
ra.emp.rfp@lacera.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 §7920.000 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

Direct all questions, inquiries, and requests for additional information concerning this RFP to Pushpam Jain and Cindy Rivera no later than 3:00 PM February 10, 2023 by e-mail ( ra.emp.rfp@lacera.com ). All questions received and responses thereto will be posted on LACERA’s website (www.lacera.com) under the “About LACERA”, “Who We Are”, "Business Opportunities" section on or about 3:00 PM February 16, 2023.

Tentative Timetable

The following is a tentative schedule for this search. The interview, evaluation, and staff recommendation phases are subject to modification by LACERA.

LACERA RFP Issues January 30,2023 Submission – Letter of Intent to Respond (Attachment A) Deadline (firm) February 8, 2023 Submission – RFP Questions Deadline (firm) February 10, 2023 LACERA Response to Written Questions February 16, 2023 Submission – RFP (including Attachments B-E) Response Deadline March 3, 2023 Invitations to Advance and Interview, as Warranted 1Q-2Q 2023 Board of Investments Deliberation/Selection 3Q 2023

RFP Materials