Frequently Asked Questions FAQs
Emerging Managers
What core criteria does LAFPP use to evaluate emerging managers across Public Markets, Private Equity, Private Credit, Real Estate, and Infrastructure?
Please review the summary of LAFPP emerging manager criteria and process for the asset class that applies best to your firm:
How can firms obtain an overview of LAFPP’s Emerging Manager Program and its objectives?
Please review the Emerging Manager Program section on LAFPP’s website along with the LAFPP Emerging Managers Policy for more information:
In which asset classes is LAFPP currently prioritizing expanded emerging manager participation?
Public Market investment managers are subject to manager searches, which are conducted intermittently. Current search postings can be found on Request for Proposal section on LAFPP’s website. Private Market investment managers are evaluated on a continuous basis. Firms that meet the qualifications for LAFPP’s Emerging Manager Program by asset class may send firm and strategy information via the Emerging Manager Intake Form for consideration.
How does LAFPP assess and monitor emerging manager participation across asset classes?
Please review Section 9.0 – Manager Selection and Retention Policy of the LAFPP III. BOARD INVESTMENT POLICIES manual for information on how LAFPP monitors potential and existing managers:
LAFPP tracks the number of emerging managers in its portfolio through a semi-annual report to the LAFPP Board of Commissioners, typically presented in February and August of each year. LAFPP Board meeting agendas are available here:
How does LAFPP define an emerging manager, and does that definition vary by asset class?
LAFPP’s definition of an emerging manager differs depending on the asset class of the manager. Please review the corresponding definitions here:
Consultants & Engagement Process
Should prospective emerging managers contact LAFPP staff or consultants to request an introductory meeting?
Please contact Investments Staff by email at [email protected]. You can also submit your firm strategy and material request a meeting through the below Investment’s Emerging Manager Intake Form link below.
Who are LAFPP’s consultants for Public Markets, Private Equity, Private Credit, Real Estate, and Infrastructure?
LAFPP’s consultants are as follows:
Public Markets: RVK Inc.
Private Equity: Future Standard
Private Credit: StepStone Group
Private Real Estate and Infrastructure: Townsend
What role do consultants play in evaluating emerging managers across each asset class?
LAFPP staff works closely with investment consultants to select and underwrite potential emerging managers and make appropriate recommendations to the Board of Commissioners, which has sole authority to approve investments.
Additional Information
Where can firms find information on LAFPP’s RFP or manager search process?
Please review Section 9.0 – Manager Selection and Retention Policy of the LAFPP III. BOARD INVESTMENT POLICIES manual for information on LAFPP’s manager search process.
Contracting opportunities with LAFPP are posted on LAFPP’s website and on RAMPLA.org where you can search for existing opportunities within the City.
Does LAFPP consider co‑investment opportunities with emerging managers?
Co-investment opportunities may be considered if LAFPP is also considering a commitment to the main fund.
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