Arlington County looks for alternatives consultant

Arlington County (Va.) Employees' Retirement System is looking for a consultant to help expand its private investments and other alternatives for the $1.5 billion system.

According to the RFP, the private investments program would range from $100 million to $200 million over five to seven years. Daniel Zito, ACERS executive director and chief investment officer, said executives at the retirement system do not have specific asset allocation targets for alternatives.

“We are a more opportunistic investor,” he said in an interview. The alternatives allocation is capped at 15% of the system's total assets, “but we don't feel obligated to do all of that,” he said.

“I'm looking for something that is more insightful than an off-the-shelf approach for a $1.5 billion system,” Mr. Zito said.

The RFP is available from Arlington's website. Proposals are due Aug. 10.

Currently, ACERS' largest asset classes are domestic equities, at 38.4%; fixed income, 32.9%; and global equities, 15.5%. Its sole private investment allocation now is 2.8% in an Abbott Capital private equity fund of funds.

The system's general investment consultant is Ashford Consulting Group. The search does not affect its status.