ACERA’s Emerging Managers Investment Policy, adopted on January 17, 2013, stipulates that ACERA invest up to 1% of the portfolio in Emerging Managers, which we define as managers that are managing under $2 billion in equities (only) when they start. If they get to $3 billion or over, they must be 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, but are not per se.
Bivium Capital Partners, LLC currently manages ACERA’s emerging manager fund of funds, so prospective emerging managers are encouraged to contact Bivium.