Alameda County Employees' Retirement Association, Oakland, Calif., will likely begin a search for a general investment consultant within the next eight months.
The $10.7 billion pension fund plans to issue an RFP as a result of its common practice "to bid out larger service provider contracts at reasonable time intervals to ensure we're receiving a competitive level of service," spokesman Michael Fara said in an email.
Current consultant Verus Advisory will be invited to rebid, Mr. Fara said. Verus' contract will expire May 31, 2023, and Mr. Fara said there is no timeline yet for the RFP but it will likely be issued before the contract expires.
ACERA rehired Verus as consultant after the completion of the last RFP process in 2017. The pension fund had been a client of Strategic Investment Solutions since 2002, but became a client of Verus after SIS merged with the firm in the beginning of 2016.
Betty Tse, ACERA's chief investment officer, said in an Aug. 10 memo to its investment committee that the investment staff will likely work with an independent search consultant to assist with the RFP process.
The timing of the RFP will likely be a topic at the Sept. 14 investment committee meeting.
As of July 31, the pension fund's actual allocation was 26% domestic equities, 23.7% international equities, 15.9% fixed income, 9.2% private equity, 8% absolute return, 7.5% real estate, 6.8% real assets, 2.2% private credit, 0.6% cash/other and 0.1% overlay services.
ACERA posts RFPs on its website.
