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Alternative Market Briefing

Orange County pension fund seeks emerging markets equity investment managers

Tuesday, September 03, 2013

Benedicte Gravrand, Opalesque Geneva:

Apparently, the Investment Committee of the Orange County Employee Retirement System (OCERS) is requesting information from qualified firms interested in providing Emerging Markets Equity Investments (EME), in a category they define as "best ideas".

The recent Request for Information form from OCERS was first publicized via LinkedIn by NEPC, a U.S.-based independent investment consultant that advises OCERS. NEPC, together with OCERS, believe that opportunities in EME should continue to evolve.

According to the announcement, as of June 30, 2013 OCERS had assets of approximately $10.4bn with a 6% target to emerging markets equity, representing a dollar exposure target of over $600m to EME. OCERS has already retained two emerging market equity managers; Bernstein Investment Management (the value exposure for the asset class), and William Blair (growth exposure).

"OCERS is interested in exploring a possible new structure that could be viewed as a core/satellite structure," it continues, "with one or more managers operating as the core exposure, perhaps using a top-down, or structured process. For the satellite exposure, OCERS will entertain differentiated emerging markets equity mandates that may focus on small cap, consumer oriented strategies, concentrated strategies, or other such strategies that appear to offer attractive return opportunities in the emerg......................

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