General Investment Consultant

The Sacramento County Employees' Retirement System (SCERS) is soliciting proposals for a General Investment Consultant to provide comprehensive advisory services for its $15.7 billion diversified pension portfolio. Established under California law and governed by a Board of Retirement with fiduciary responsibility, SCERS requires a consultant with deep institutional investment expertise, demonstrated through a minimum five-year track record serving at least five defined benefit plans—including two public plans with assets over $10 billion. The selected firm must be registered or exempt as an investment adviser under the Investment Advisers Act of 1940 and maintain at least $10 million in errors and omissions insurance. Key personnel assigned to the account must have considerable client-facing experience, including familiarity with private markets. The contract is envisioned as an evergreen engagement with annual fee adjustments and is focused on supporting SCERS in implementing and monitoring investment strategies in alignment with the system’s Master Investment Policy Statement and asset-specific policies. Services include regular performance monitoring and reporting, investment manager due diligence, compliance oversight, liquidity analysis, and development of customized benchmarks. Deliverables, such as quarterly and annual reports, must adhere to stringent standards of accuracy, timeliness, and regulatory compliance. SCERS emphasizes transparency and requires annual disclosures of conflicts of interest, revenue sources, and affiliations to ensure alignment with fiduciary duties. The evaluation process will consider qualitative and quantitative factors including the consulting approach, team quality, research capabilities, client servicing technology, and fee proposals; selection is based on a holistic trade-off analysis rather than lowest price. Submission is electronic with a firm deadline of May 12, 2026, and proposers must comply with detailed instructions addressing regulatory compliance, cybersecurity policies, and disclosures. While physical delivery and inspection provisions are not applicable, SCERS maintains oversight through its Board and investment team, who hold ultimate authority for acceptance of services and adherence to fiduciary and legal obligations.