Specifications include, but are not limited to: A. Identify and Select High‐Quality Emerging Managers • Conduct independent evaluations of investment opportunities and provide detailed written recommendations, including results of investment and operational due diligence • Seek successful emerging manager program graduation candidates for future investment by LACERA B. Investment Monitoring • Monitor and report on investments in collaboration with LACERA’s custodian bank, as well as meet all reporting requirements under California and other applicable laws • Assess the general partner’s commitment to diversity, equity, and inclusion (“DEI”) and provide DEI metrics • Evaluate the general partner’s environmental, social, and governance (“ESG”) policy and provide ESG metrics C. Collaboration with LACERA • Provide educational workshops and periodic Separate Account updates • Collaborate with staff in investment diligence opportunities and future initiatives • Facilitate LACERA’s direct access and maximum allocation to co‐investment and secondary opportunities offered by general partners in the emerging manager program D. Favorable Terms • Make best efforts to obtain an advisory board seat for LACERA in each fund contained in the Program • Negotiate favorable terms in current funds, and position LACERA for favorable terms in future funds including items such as management fees, carry rates including preferred rate and catchup structure, capacity rights, and potential revenue share
