RFP: Real Estate Consulting Services Search

Location:	California
Posted:	Feb 27, 2026
Due:	Apr 3, 2026
Agency:	Los Angeles County Employees Retirement Association
Type of Government:	State & Local
Category:	R - Professional, Administrative and Management Support Services
Publication URL:	To access bid details, please log in.

The Los Angeles County Employees Retirement Association (LACERA) is requesting proposals from qualified firms for real estate consulting services.

Scope of Work

The purpose of this RFP is to select a consultant to provide consulting services for direct investments by LACERA in real estate, by making such investments through limited partnerships, commingled vehicles, co-investments, emerging mangers, funds of one, and other investment structures. The program will encompass the following aspects at a minimum:

Strategic Consulting

Provide recurring recommendations for policy, objectives and strategy that are consistent with the Investment Policy Statement
Provide the Board of Investments with independent assessment of staff’s implementation of Board approved policies and guidelines that related to the real estate portfolios
Conduct comprehensive written research, analysis, and advice on specific investment and operational topics and issues

Sourcing and Due Diligence

Conduct independent evaluations and provide concurrence memoranda on investment opportunities

Meeting Attendance

Attend monthly Board of Investments meetings, annual off-site meetings, committee meetings, and other meetings as requested by LACERA

Collaboration with Board, Staff, and General Consultant

Provide educational workshops to the Board
Collaborate with LACERA’s general consultant providing ongoing advice and technical support in the establishment and refinement of portfolio asset allocation, investment goals and objectives, and Investment office policies and procedures

Submission Requirements

Submit your Intent to Respond (Attachment A) no later than 3:00 PM Pacific Time, on Friday, March 13, 2026, as well as your completed RFP proposal no later than 3:00 PM Pacific Time, on Friday, April 3, 2026 to:

Terri Herubin
Senior Investment Officer
LACERA
realestate@lacera.gov

Also email one 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.

Questions Related to This RFP

Direct all questions, inquiries, and requests for additional information concerning this RFP no later than 3:00 PM Pacific Time, Friday, March 13, 2026, via e-mail (realestate@lacera.gov). All questions received and responses thereto will be posted on LACERA’s website under the "Business Opportunities" section by 3:00 PM Pacific Time, on Friday, March 20, 2026.

Tentative Timetable

Issuance of RFP

February 27, 2026

Submission – Letter of Intent (Firm)

March 13, 2026

Written Questions/Requests for Clarification

March 13, 2026

LACERA Response to Written Questions

March 20,2026

Proposals Due

April 3, 2026

Invitations to Interview (as warranted)

Q2 2026

Final Selection and Approval

Q3 2026

RFP Materials

RFP: Real Estate Consulting Services Search

Intent to Respond

Total Fund Strategic Asset Allocation

Minimum Qualification Certification

Real Estate Consultant Questionnaire

LACERA IT Security Vendor Questionnaire

Real Estate Consulting Services Agreement

Attachment Preview

Los Angeles County Employees Retirement Association

Real Estate Consulting Services Search

March 2026

TABLE OF CONTENTS

I. Background Information ........................................................................................................... 3

II. Scope of Services .................................................................................................................... 4

III. Requirements and Instructions for RFP Response.................................................................. 5

IV. Evaluation Process................................................................................................................... 8

V. Tentative Timetable .................................................................................................................. 9

VI. Notice to Respondents Regarding the Public Records Act and Ralph M. Brown Act............ 10

VII. Principles for Responsible Investment ................................................................................... 12

VIII. Responses become LACERA Property ................................................................................. 13

IX. Contract Negotiations............................................................................................................. 14

XI. Reservations by LACERA ...................................................................................................... 16

RFP ATTACHMENTS

Attachment A – Intent to Respond

Attachment B – Total Fund Strategic Asset Allocation & Benchmarks

Attachment C – Minimum Qualification Certification

Attachment D – Real Estate Consultant Questionnaire

Attachment E – LACERA IT Security Vendor Questionnaire

Attachment F – Real Estate Investment Consulting Services Agreement Template

Attachment G – Diversity, Equity, and Inclusion (DEI) Questionnaire

Attachment H – Diversity, Equity and Inclusion (DEI) Attributes Template

Attachment I – Environmental, Social, and Governance (ESG) Questionnaire

[via DiligenceVault]

Request for Proposal

Real Estate Consulting Services Search – March 2026

Dear Potential Provider:

The Los Angeles County Employees Retirement Association ("LACERA") is requesting

proposals from qualified firms interested in providing real estate consulting services. The

specific services requested via this Request for Proposal (“RFP”) are contained in Section II,

Scope of Services.

If interested, please submit your Intent to Respond (Attachment A) no later than 3:00 PM

Pacific Time, on Friday, March 13, 2026, as well as your completed RFP response no later

than 3:00 PM Pacific Time, on Friday, April 3, 2026 to:

Terri Herubin

Senior Investment Officer

LACERA

realestate@lacera.gov

Detailed instructions for proposal submission are included in Section III of this document.

Questions concerning this RFP must be submitted via email no later than 3:00 PM Pacific

Time, on Friday, March 13, 2026.

Thank you for your interest in providing real estate consulting services to LACERA, and we

look forward to your response.

Sincerely,

Terri Herubin

Senior Investment Officer

LACERA

Page | 2

Request for Proposal

Real Estate Consulting Services Search – March 2026

I. Background Information

LACERA is a public pension fund established pursuant to the County Employees

Retirement Law of 1937. In addition to providing service to its members, LACERA acts

as fiduciary agent and manager of the pension investment portfolio.

LACERA is governed by two nine-member Boards: the Board of Retirement (“”BOR””)

and the Board of Investments (“”BOI” and, together with the BOR, the “Boards””). The

BOR is responsible for the administration of the retirement system, retiree healthcare

program, and the review and processing of disability retirement applications. The BOI is

responsible for establishing LACERA’s investment policy and objectives and strategic

asset allocation, as well as exercising authority and control over the investment

management of the pension and OPEB trusts. The day-to-day management of LACERA

is delegated to a Chief Executive Officer appointed by both Boards. The day-to-day

management of LACERA’s investment portfolio is delegated to the Chief Investment

Officer (“CIO”) by the BOI subject to the investment policy statement, asset class structure

reviews, and other policies and guidelines facilitating the BOI’s oversight of the CIO’s

delegated authority.

LACERA administers a pension plan (“Total Fund”) and an OPEB Master Trust (“OPEB”)

with assets of $89.4 billion and $5.7 billion, respectively, as of December 31, 2025. A

copy of the Total Fund strategic asset allocation (“SAA”) and policy benchmarks are

included as Attachment B.

For additional information about LACERA, please refer to our Annual Comprehensive

Financial Report (“ACFR”), which is posted on LACERA’s website, www.lacera.gov. The

Investment Policy Statement (“IPS”) for each plan can also be found on our website under

“Investments”. LACERA invites qualified firms to respond to this RFP.

Page | 3

Request for Proposal

Real Estate Consulting Services Search – March 2026

II. Scope of Services

A. Description of Services Sought

The purpose of this RFP is to select a consultant to provide consulting services for

direct investments by LACERA in real estate, by making such investments through

limited partnerships, commingled vehicles, co-investments, emerging managers,

funds of one, and other investment structures.

LACERA will consider proposals for a real estate consultant. The proposal must

demonstrate that the consultant can provide advice and recommendations for the

service category proposed. Proposals must specifically identify the scope of services

offered under appropriate descriptive headings and any asset categories, strategies,

or vehicles excluded from the services offered.

Firms are invited to submit proposals for real estate consulting services described

above.

B. Scope of Services

The program will encompass the following aspects at a minimum:

Strategic Consulting

• Provide recurring recommendations for policy, objectives and strategy that

are consistent with the Investment Policy Statement

• Provide the Board of Investments with independent assessment of staff’s

implementation of Board approved policies and guidelines that relate to the

real estate portfolio

• Conduct comprehensive written research, analysis, and advice on specific

investment and operational topics and issues

Sourcing and Due Diligence

• Conduct independent evaluations and provide concurrence memoranda on

investment opportunities

Meeting Attendance

• Attend Board of Investments meetings, annual off-site meetings, committee

meetings, and other meetings as requested by LACERA

Collaboration with Board, Staff, and General Consultant

• Provide educational workshops to the Board

• Collaborate with LACERA’s general consultant providing ongoing advice and

technical support in the establishment and refinement of portfolio asset

allocation, investment goals and objectives, and Investment office policies

and procedures

Page | 4

Request for Proposal

Real Estate Consulting Services Search – March 2026

III. Requirements and Instructions for RFP Response

A. Proposal Deadline

The completed proposal must be delivered no later than 3:00 PM Pacific Time, on

Friday, April 3, 2026. Any proposal delivered after the proposal deadline will not be

considered. Faxed transmissions are not acceptable. Completed proposals are to be

emailed to the attention of:

Terri Herubin

Senior Investment Officer

LACERA

realestate@lacera.gov

Also email one 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.

Each respondent must indicate the basis for each redaction under the Act (defined

below) with a citation to the code section and subsection relied upon. Please see the

section below “Notice Regarding the CALIFORNIA Public Records Act AND RALPH

M. BROWN ACT” for further information.

Responses to this RFP may be modified or withdrawn in writing if modifications are

received prior to the submission deadline. Modification to or withdrawal of a proposal

received after the submission deadline will not be considered.

All proposals made in response to this RFP must remain open and in effect for a period

of not less than 180 days after the submission deadline.

B. Format and Content

Proposals are to address all questions posed by LACERA in the order in which they

appear in this RFP. All requested information must be provided in the format and order

described below. Answers are to be succinct in 12-point font and page limit maximums

(as indicated below) are to be complied with:

1. Cover Letter

A 1-2 page cover letter shall be signed by the individual(s) who is (are) authorized

to bind the respondent contractually. The letter shall contain a statement to the

effect that the respondent is not currently under investigation by any regulatory

agency, state or federal, for any reason. The letter should summarize the services

the firm will perform for LACERA, the specific team that would be assigned to the

mandate, what differentiates your firm from its competitors, and the proposed fee

structure.

Page | 5

This is the opportunity summary page. It provides an overview of this opportunity and a preview of the attached documentation.

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RFP: Real Estate Consulting Services Search

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