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.

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.

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.

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.

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