The Alameda County Employees’ Retirement Association (ACERA) provides retirement and health care benefits to employees and retirees of Alameda County, California, and participating special districts. With approximately $11 billion in total assets, ACERA is one of the 20 county retirement systems operating under California’s 1937 Act.
Investment Strategy
ACERA maintains a diversified portfolio across public equities, fixed income, private equity, real estate, and other alternatives. The Board of Retirement sets strategic allocation targets informed by periodic asset-liability studies. The investment team implements the strategy with external managers.
The alternatives program includes private equity investments across buyout and growth equity strategies. Real estate allocations provide diversification through core and value-add funds. ACERA has taken a disciplined approach to building its alternatives portfolio, emphasizing manager quality and vintage year diversification.
How to Approach
Fund managers should contact the ACERA investment team in Oakland, California. The fund evaluates managers through a structured process and works with investment consultants. GPs should present a clear fund overview, audited performance data, and competitive fee terms. ACERA values alignment of interests and transparent reporting.
Frequently Asked Questions
What is ACERA's alternatives allocation?
ACERA allocates approximately 18% of its $11 billion portfolio to alternatives including private equity and real estate. The fund has built its alternatives program over the past 15 years with a focus on manager quality.
How does ACERA select private equity managers?
ACERA has an internal investment team that evaluates managers with support from external consultants. Selection criteria include track record, team stability, strategy differentiation, and alignment of interests. Typical commitment sizes range from $25 million to $75 million.
How can GPs approach ACERA?
GPs should contact the ACERA investment team in Oakland or engage through their investment consultants. ACERA evaluates managers through a structured due diligence process and attends industry conferences. The Board of Retirement approves all new commitments.
