Los Angeles to issue PE consultant RFP

The $11.4bn Los Angeles City Employees’ Retirement System expects to secure a new contract with a private equity consultant on 11 June.

The Los Angeles City Employees’ Retirement System will issue a public request for proposal for a private equity consultant, according to its investment office.

The RFP, scheduled to be released publicly on 4 Februrary, was approved earlier this week at LACERS’ Board of Administration meeting. A new contract will likely be rewarded on 11 June, according to board documents. 

The deadline for consultant submissions is 6 March. 

In December, LACERS extended the contract of private equity consultant Hamilton Lane by one year to allow “sufficient time to conduct a competitive bidding process to test the marketplace of private equity consultants”, according to agenda documents. 

The private equity consultant will assist LACERS’ board and staff with the structuring of its private equity portfolio, as well as investment sourcing and selection, portfolio monitoring and regular reporting, according to documents.   

LACERS had a 12 percent allocation to private equity as of 30 September, according to board documents. The $11.4 billion retirement system’s private equity portfolio was valued at $1.2 billion, with $2.4 billion in total committed capital.