ACERA’s 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.