San Francisco City & County Employees' Retirement System hired Mercer as public markets investment consultant.
The $33.4 billion pension fund's board approved the hiring at its meeting on Thursday, spokesman Stephen Worsfold said in an email.
SFERS issued an RFP in November due to the pending expiration of current consultant NEPC's contract. NEPC was eligible to rebid, but Mr. Worsfold would not say whether the firm did so. According to a memo included with board meeting materials, there were a total of three bidders for the services.
Meketa Investment Group was the other finalist.
As of Feb. 28, SFERS' actual allocations to public equities and liquid credit were 31.2% and 3.2%, respectively; their respective targets are 37% and 5%.