The $9.8 billion Oakland, Calif.-based ACERA's investment committee on June 14 approved recommendation of the four finalists to the board, and on the following day, the board approved the four finalists, spokesman Michael Fara confirmed in an email.
The five-year contract of the current consultant, Verus Advisory, expired May 31. Verus had been invited to rebid.
In May, ACERA received bids from Aon Investments USA, Callan, Meketa, NEPC and Verus, according to materials from the June 15 board meeting.
The shortlisted candidates will be interviewed by the investment committee on or around Aug. 9.
However, the timeline is subject to change without prior notice, Mr. Fara said. If the investment committee makes a finalist recommendation Aug. 9, it will likely be added to the board's Aug. 17 meeting agenda, he added.
The length of the next contract term will be determined during negotiations, Mr. Fara added.