Emerging Managers Investment Policy, adopted on September 23,
2019, stipulates that ACERA invest up to 1% and up to 5% of
the Total Fund with Emerging Managers, which we define as
managers that are managing under $5 billion in equities when
they start. If they get to $10 billion or over, they
graduated and replaced by a smaller manager. Emerging managers
typically have new strategies or are early in their development
cycle. Emerging managers may be minority- or woman-owned.
Bivium Capital Partners,
LLC currently manages ACERA’s emerging manager funds, so
prospective emerging managers are encouraged to contact Bivium.