Californian pension seeks PE partner with secondaries know-how

Stanislaus County Employees’ Retirement Association, which has $2.1bn in assets, will gain its first PE exposure through the creation of a private investment programme.

Stanislaus County Employees’ Retirement Association has put out a call for a private equity manager with secondaries knowledge, the second Californian pension to do so in recent weeks.

StanCERA, which had $2.1 billion in assets under management as of 31 March, is seeking an investment manager to help it develop, implement, manage and administer a private markets investment programme, according to a request for information published on its website.

The candidate will be expected to work with the retirement investment officer to make “primary and secondary commitments, co-investments, and private debt
allocations”, the request notes.

The successful candidate will have at least five years’ experience designing and implementing private markets programmes and at least $1 billion of committed capital or assets under advisement in the private markets.

StanCERA will allocate 11 percent of its total assets to the programme, comprising 5 percent of the total to private equity and 6 percent to private debt.

The pension has no exposure to private equity and is 5 percent exposed to private debt and 4 percent to real estate, according to PEI data.

The deadline for submissions is 4:30pm PST on 11 May.

In early April the City of Fresno Retirement System, which has around $3 billion in assets under management, issued a request for proposals for an investment manager to create a private equity “fund of one” that can invest in secondaries.

The fund will receive $120 million over the course of three to four years, which could be increased if the programme proves successful, the request noted.