ACERA gears up to issue RFP for a new investment consultant

The Oakland-based firm will be accepting bids for a new investment consultant in the upcoming months.

Institution: Alameda County Employees’ Retirement Association (ACERA)
Headquarters: Oakland, US
AUM: $11.35 billion

Alameda County Employees’ Retirement Association (ACERA) has discussed the search for a new investment consultant, according to the firm’s recent September meeting minutes. The pension’s five-year contract with its current investment consultant, Verus Investment Consulting Services, is due to end on 31 May 2023 and the pension will be selecting a replacement.

The specific criteria within this upcoming RFP has not yet been confirmed, however the pension has outlined a proposed timeline that will lead to the appointment of a new consultant as follows:

  • In the week commencing on 19 September, the committee will discuss the full timeline, staff involved and selection criteria. Up until 14 November, the pension will finalise the RFP.
  • The RFP will be posted on the ACERA website on 14 November.
  • By 5 December, the pension will start to accept bids from prospective investment firms with a deadline set for the 19 December.
  • From 3 January to 10 February, bids for the contract will be reviewed internally
  • By 8 March, the pension will announce and confirm three finalists to present to the rest of the committee.
  • By 21 April, a new investment consultant will be selected and confirmed, following contract negotiations.

At the meeting, the pension also announced that it will commit $55 million to Audax Private Equity Fund VII, pending legal and due diligence.

As illustrated below, ACERA ’s recent private equity commitments have focused on growth, debt and buyout vehicles globally across multiple sectors.

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