Merced County (Calif.) Employees’ Retirement Association will search for its first private equity consultant in 2017, said Kristen Santos, retirement plan administrator, in an e-mail.
The $682 million pension fund’s board approved the RFP at its meeting Dec. 15. The RFP will likely be issued in January, Ms. Santos said, and the pension fund hopes to have a decision made by March.
The pension fund is seeking its first private equity consultant as a result of investment consultant Verus Advisory’s recommendation following an increase of the private equity target allocation to 9% from 7% following an asset-liability study.
As of Sept. 30, the pension fund’s actual allocation to private equity was 5.2%.
The RFP will be posted on the pension fund’s website.