Private Equity Specialized Manager Program

Private Equity Specialized Manager Program

The Los Angeles Fire & Police Pensions (LAFPP) private equity program includes a Specialized Manager Program. The Specialized Manager program is dedicated to private equity emerging managers. The portfolio includes private equity commitments to funds that may have one or more of the following characteristics:

A) First-, second-, or third-time institutional funds that are new to the program, (the Plan has not previously committed with the manager) and,

B) With a stated target size of approximately $500m or less, and that may have

  • Funds with managers that include one or more minorities, women, LGBTQ (Lesbian, Gay, Bisexual, Transgender and Queer), persons with disabilities, and/or US Military veterans at the General Partner level, and/or
  • Funds that serve or invest in underserved communities, and/or
  • Funds that invest in companies located in Los Angeles or California.

    For commitments to second- or third-time institutional funds with existing managers in the program (follow-on fund commitments or ‘re-ups’), the stated target size of the fund shall be $1 billion or less.

LAFPP’s Specialized Manager program dates to 2007. Since that time, LAFPP has made commitments to private equity emerging managers that have included firms with minorities-, women-, LGBTQ-, persons with disabilities-, and/or US Military veteran-ownership. Additionally, LAFPP has made fund commitments to emerging managers that are based in the City of Los Angeles or California, or targeted investments in economically disadvantaged markets. LAFPP currently uses the services of one private equity investment consultant, Portfolio Advisors, who review and underwrite potential funds prior to presenting these funds to the Board for consideration.

All investment management firms interested in contracting with LAFPP must abide by applicable City of Los Angeles and LAFPP Board policies, laws, and regulations, including the ones highlighted below.

If you have any questions, please contact Investments Staff by phone at (213) 279-3020 or by email at [email protected]. Due to contracting restrictions as described in the ordinance and policies below, we encourage contact with Investments Staff rather than LAFPP’s Board members, as contacting individual Board members may result in your firm being disqualified from consideration.

Regional Alliance Marketplace for Procurement –

All future contracting opportunities with LAFPP will be posted on our Requests For Proposals (RFP) page and on where you can search for existing opportunities within the City.

As a registered RAMP-LA Administrator you can also sign up to be notified when future opportunities matching your company’s profile are posted online. A notification email is sent when a company’s NAICS interest codes match the NAICS interest codes for an opportunity. Registration is free and can be completed in a couple of minutes.

Review the Regional Alliance Marketplace for Procurement (RAMP) site or visit the RAMP-LA Support Page for more information on doing business with the City of Los Angeles.

Requirements during the contracting proposal process:

“Lobbying occurs when someone—regardless of title—is paid to influence a City action on behalf of another person.” City law requires those who qualify as a lobbying entity to disclose specified information and register with the Ethics Commission. The Los Angeles City Ethics Commission’s website explains who would be considered a lobbyist and has information on lobbying laws, as well as City laws on the limitations of gifts and political contributions from bidders, contractors, and subcontractors. Publications and forms are also included on the Ethics Commission website.

Section 49.5.11 of this ordinance was developed by the Los Angeles City Ethics Commission and is also part of the Los Angeles Municipal Code. This Section refers to City board or commission member involvement in the various stages of contract proposals, bids, or any other requests for contract awards/amendments/changes; City board or commission members must refrain from contracting-related activities that involve their board, commission, or agency, except at public meetings.

The purpose of this Board Policy is to prevent and avoid the appearance of undue influence on the Board or any of its members, or on Staff, in the award of all contracts. It restricts contact with the Board and Staff at certain points in time.