Emerging Manager Symposium – Frequently Asked Questions

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  Topic: Emerging Managers

  1. Question: What are LACERS’ qualifications for selecting a potential emerging manager? What are the criteria for investing in emerging managers?
    Answer: Please review the summary of LACERS’ emerging manager criteria and process for the asset class that applies best to your firm:
    Public Markets Criteria
    Private Equity Criteria
    Private Real Estate
     
  2. Question: What are LACERS’ requirements for an emerging manager?
    Answer: Please review section IX titled Emerging Investment Manager Policy in LACERS Investment Policy: Emerging Investment Manager Policy – Section IX
     
  3. Question: How does an emerging manager gain information about the LACERS Emerging Investment Manager Program? Where can firms get an overview of the LACERS Emerging Manager Program?
    Answer: Please watch the video on LACERS’ website titled Overview of LACERS Emerging Investment Manager Program
     
  4. Question: Are there certain asset classes or sectors in which LACERS is seeking to enhance emerging manager exposure?
    Answer: Please watch the video on LACERS website titled Overview of LACERS’ Emerging Investment Manager Program
     
  5. Question: Where can firms find an overview of LACERS asset allocation?
    Answer: Please review Section IV Asset Allocation Policy of the LACERS Investment Policy
    Manual: Asset Allocation Policy – Investment Policy Statement Revised 20220426

    Also, review LACERS’ most recent total fund performance report for information on LACERS’ current asset allocation versus policy targets: LACERS Investment Quarterly Performance

     
  6. Question: Where can firms find an overview of LACERS’ portfolio allocation with emerging managers?
    Answer: Please review section IV titled Emerging Investment Manager Policy in the Investment Policy manual: Emerging Investment Manager Policy – Section IV

    Please also refer to the most recent annual report on LACERS’ Emerging Manager Program: Annual Report on LACERS Emerging Manager Program
     
  7. Question: What advice could you provide on becoming a successful emerging manager? What is LACERS’ definition of an emerging manager? What challenges does LACERS have when investing with emerging managers?
    Answer: Please refer to the Emerging Manager Resource Library on LACERS’ website.
     

    Topic: ESG/DEI

  8. Question: How are firms held accountable for their ESG practices?
    Answer: Please review the investment Policy Manual for information on ESG: Investment Policy Manual – Section XIII
     

    Topic: Consultant

  9. Question: Should firms contact LACERS’ consultant or LACERS’ staff to set up a meeting with a new emerging manager?
    Answer: Please contact LACERS’ staff at lacers.invest@lacers.org to schedule an introductory meeting.
     
  10. Question: Who are LACERS’ private markets consultants?
    Answer: For more information about our consultants, please review their deck from the April 2022 Emerging Manager Symposium.
    Private Equity: Aksia CA LLC
    Private Real Estate: The Townsend Group
     

    Topic: Track Records

  11. Question: What is LACERS’ criteria on track records for emerging managers? Answer: Please review Section IX titled Emerging Investment Manager Policy of LACERS’ Investment Policy Manual: Emerging Investment Manager Policy – Section IX
     
  12. Question: Does LACERS require emerging managers to provide a verifiable track record of past performance?
    Answer: While a verifiable track record is preferred, LACERS recognizes that it may not be possible to provide one. LACERS and its consultants will work closely with the potential emerging manager to determine whether other means of attribution may be considered.
     

    Topic: Due Diligence

  13. Question: On average, how long is the due diligence process? How does LACERS go about the due diligence process?
    Answer: Please review the summary of LACERS’ emerging manager criteria and process for the asset class that applies best to your firm:
    Public Markets Criteria
    Private Equity Criteria
    Private Real Estate
     

    Topic: Other

  14. Question: Where can firms find an overview of LACERS’ RFP process?
    Answer: Please review section VII titled Manager Search and Selection policy in the investment policy manual: Investment Policy Manual – Section VII
     
  15. Question: Does LACERS co-invest alongside emerging managers?
    Answer: Emerging managers with co-investment opportunities may be considered

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