Thursday, November 21, 2013
preliminary RFP for "bundled" multi-plan private equity fund-of-funds;
collaborative search to involve multiple public pension systems
At the monthly meeting held on November 20, 2013, the Investment Committee approved release of an RFP for a private equity fund of funds, in cooperation with other California public pension plan CIOs.
The chair of OCERS' Investment Committee, Chuck Packard said: "Our board's fee policy gave full support to our CIO to work with his peers to develop this strategy."
A working group of California county pension plan CIOs has collaborated with OCERS in the development of this strategy, and will participate in a collaborative selection process that is scheduled for February 2014. The focus of this procurement will be an all-purpose (multi-strategy) private equity fund of funds, although platform of related products may be considered in a proposal that includes a core all-purpose fund of funds. A copy of the preliminary RFP is posted in the Finance & Investment section of the OCERS Web site.
Investment reports afford positive news about 2013
In other news, the Investment Committee received a complete update about OCERSí fund performance as of October 31, 2013. Chief Investment Officer Girard Miller reported that OCERSí total fund recorded a 2.49 percent increase in October 2013. OCERS recorded a 9.35 percent increase year-to-date as of October 31, and reported a one-year return of 11.97 percent as of that date.
OCERS' three-year return as of that date was 8.14 percent; the system's five-year return as of October 31, 2013 was a strong 10.51 percent.
As of October 31, 2013, OCERSí total fund was more than $10.9 billion.
Julie Wyne honored
by Board; long-time OCERS executive named Retirement Administrator at SCERA
In other news, the Board honored Julie Wyne, long-time OCERS Assistant CEO, External & Legal Operations, at its meeting on November 18. Ms. Wyne recently announced she has accepted the position of Retirement Administrator at Sonoma County Employees Retirement Association (SCERA). She is scheduled to assume her new position on December 10, 2013.
Ms. Wyne has been at OCERS since 2000. Prior to coming to OCERS, Ms. Wyne was a partner at the law firm of Shupe, Reagan and Wyne. She holds a Bachelor's of science at law degree and a juris doctor (law degree) from Western State University. "Ms. Wyne will be missed by the countless members she has assisted, our employers - and most of all - by OCERS staff," CEO Steve Delaney said.