Project Information

Bid Title

RFP: Passive Cash Overlay Investment Manager Search

Issuing Agency

Los Angeles County Employees Retirement Association

Location

California

Published Date

Jun 13, 2025

Closing Date

Jul 30, 2025

Government Level

State & Local

Status

Closed

Original Source

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Bid Documents

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Project Description

RFP: Passive Cash Overlay Investment Manager Search

The Los Angeles County Employees Retirement Association (LACERA) is requesting proposals from qualified firms for passive cash overlay investment management services.

Scope of Work

The purpose of this RFP is to select an investment manager to provide passive cash overlay investment management services for the total Fund and OPEB Trust. A broad framework of the project is listed below:

• Cash Overlay – Implement a passive overlay program to align with SAA target weights and help mitigate tracking error.
• Portfolio Rebalancing – Offer flexible and cost-effective rebalancing solutions.
• Exposure Management – Provide customized exposure solutions across the portfolio in a cost-efficient manner.
• Portfolio Monitoring and Reporting – Produce daily reporting on overlay positions, exposure levels, performance, and risk metrics.

Submission Requirements

Submit your Intent to Respond (Attachment A) by 3:00 PM Friday, June 27, 2025, as well as your completed proposal (via email) by 3:00 PM Wednesday, July 30, 2025. 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:

Esmeralda del Bosque
Principal Investment Officer
LACERA
PM.Analytics@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 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 no later than 3:00 PM PST, July 11, 2025 via e-mail (PM.Analytics@lacera.com). All questions received and responses thereto will be posted on LACERA’s website under the "Business Opportunities" section by 3:00 PM PST, July 18, 2025.

Tentative Timetable

Issuance of RFP

June 13, 2025

Submission – Letter of Intent (Firm)

June 27, 2025

Written Questions/Requests for Clarification

July 11, 2025

LACERA Response to Written Questions

July 18, 2025

Proposals Due

July 30, 2025

Invitations to Interview (as warranted)

Q3 2025

Final Selection and Approval

Q4 2025

RFP Materials

Passive Cash Overlay Investment Manager RFP

A – Intent to Respond

B – Total Fund Strategic Asset Allocation & Benchmarks

C – OPEB Trust Strategic Asset Allocation & Benchmarks

D – Minimum Qualification Certification

E – Proposal Questionnaire

F – LACERA IT Security Vendor Questionnaire

G – Investment Management Agreement Template

Commodity Codes

• NAICS 541611Administrative Management and General Management Consulting Services

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