The Contra Costa County Employees’ Retirement Association (CCCERA) wants to hire an advisor to help it manage its private markets programme which can include secondaries investments.
The pension is investing 63 percent of its $7.1 billion portfolio in private equity, private credit and private real assets, and is searching for an advisor to help it construct a portfolio that is well diversified and accretive to overall growth allocation, according to a request for proposal.
CCCERA wants to invest in private markets so it can help meet its future benefit payments and expenses, according to the RFP.
Advisors will track and project the liquidity of the pension’s alternatives portfolio and will report on issues including lock‐up periods, capital calls and liquidation horizons. This also involves incorporating CCCERA’s liabilities and stress‐testing down‐ side scenarios for liquidity risk.
The pension has invested in secondaries though funds managed by Adams Street Partners, according to PEI data.
Interested advisors must complete a questionnaire that shows how much of their client base’s portfolios are invested in secondaries. Completed questionnaires are due by 16 September.
CCCERA serves the majority of employees in the Californian county and invests mainly in funds of funds as well as venture capital and buyout.