The Marin County Employees’ Retirement Association (MCERA) provides retirement benefits to employees of Marin County, California. With approximately $3.5 billion in total assets, MCERA operates under California’s 1937 Act.
Investment Strategy
MCERA maintains a diversified portfolio across public equities, fixed income, private equity, real estate, and other alternatives. The Board of Retirement sets strategic allocation targets based on actuarial requirements.
The alternatives program includes private equity investments through buyout and growth equity funds, and real estate through core and value-add vehicles. MCERA takes a disciplined approach to alternatives, emphasizing manager quality and diversification.
How to Approach
Fund managers should contact MCERA in San Rafael or engage through their consultant. MCERA evaluates managers based on performance track record, team stability, and fee competitiveness. GPs should provide a concise fund overview and audited performance data.
Frequently Asked Questions
What is MCERA's alternatives allocation?
MCERA allocates approximately 14% of its $3.5 billion portfolio to alternatives including private equity and real estate. The fund has been building its alternatives exposure over the past decade.
How does MCERA select private equity managers?
MCERA works with investment consultants to evaluate managers. Selection criteria include track record, team quality, and fee structure. Typical commitment sizes range from $10 million to $25 million.
How can GPs approach MCERA?
GPs should contact MCERA in San Rafael or their consultant. The fund evaluates managers through a structured due diligence process. The Board of Retirement approves all investment commitments.
