ACERA Trustees Discuss Manager Approval Changes at $14B Plan
Alameda County Employees’ Retirement Association (ACERA) trustees discussed potential changes to how new investment managers are approved during a recent board meeting, with several signaling a preference for greater board-level involvement in new relationships. Staff cautioned that increased oversight could slow execution against private markets pacing, while trustees emphasized the importance of direct engagement in manager selection.
Separately, ACERA is also preparing a global equity manager search expected to invite roughly 10 managers into a targeted RFP. As ACERA’s search gears up, Dakota tracked 15 active RFPs in March totaling about $6.3B alongside $6.76B in alternatives pacing plans across nine public pensions.
Additional allocator activity included South Dakota Investment Council approving up to $150M for Starwood Distressed Opportunity Fund XIII, while SJCERA committed $50M each to Focus Senior Housing Fund III and Pemberton Strategic Credit Fund IV.
On the GP side, KfW Capital has begun raising Wachstumsfonds Deutschland II with a €1B target and anchor backing from KfW and the German government. Greystar closed Essential Housing Fund I at about $655M, while Forest Road launched CenterNode Group with up to $750M in initial commitments for energy transition investments. Elsewhere, Danantara, Mandiri, and SMBC Aviation Capital launched an $800M aviation leasing fund, and Sumitomo Mitsui Financial Group and Nippon Life are in discussions about a potential ¥500B private credit vehicle.
How Investment Sales Teams Are Simplifying Prospecting
Many investment sales teams are rethinking how they build prospect lists.
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The Consultant Channel Is Changing Fast
The line between consultant and allocator is blurring.
What was once purely advisory is now increasingly discretionary, as OCIO adoption accelerates and consultants take on full control of portfolio decisions.
At the same time, consolidation and private equity ownership are reshaping the competitive landscape, while private markets are becoming the center of manager evaluation.
Dakota’s latest report examines how these shifts are changing the consultant channel — and what they mean for fund managers seeking institutional capital.
Learn about how the path to capital is becoming more structured, and more competitive.