MCERA has issued a request for proposals seeking an investment consultant to provide independent advice to its board and staff. The California pension fund requires expertise across its diverse portfolio including public equities, fixed income, private real estate and private infrastructure. This move signals the retirement association's commitment to strengthening its investment governance processes.

Interested firms must meet stringent criteria, including managing $15 billion in aggregate client assets and demonstrating five years of domestic and international pension consulting experience. The selected consultant will oversee investment manager searches, policy reviews, asset-liability studies, performance evaluations, and client education across the pension's various asset classes.

Proposals must be submitted by April 20, 2026, at 5pm Pacific Time. Qualified applicants must serve at least three public pension clients, with one managing assets exceeding $3 billion. The selection process will impact the competitive landscape for investment consulting services serving public sector retirement funds across the United States.