The Contra Costa County Employees’ Retirement Association (CCCERA) is a defined benefit pension system serving employees of Contra Costa County and participating special districts in the San Francisco Bay Area of California. Operating under the County Employees Retirement Law of 1937, CCCERA manages approximately $12 billion in total assets on behalf of active members, retirees, and beneficiaries.
Investment Strategy
CCCERA maintains a diversified investment portfolio designed to achieve its actuarial return target while managing risk. The asset allocation includes public equity, fixed income, real estate, private equity, and other alternative investments. The Board of Retirement establishes the investment policy and strategic allocation framework, guided by periodic asset-liability studies and capital market assumptions.
Public equity allocations span domestic and international markets, managed through a combination of active and passive strategies. Fixed income provides stability and income through government bonds, investment-grade corporate credit, and other instruments. CCCERA has built a meaningful alternatives program to enhance diversification and improve the portfolio’s risk-return profile.
The system’s investment approach emphasizes diversification, disciplined rebalancing, and cost-effective implementation. CCCERA works with external investment consultants and maintains internal investment staff to manage day-to-day portfolio operations.
Private Markets Approach
CCCERA’s private markets program includes commitments to private equity, real estate, and other alternative strategies. The private equity portfolio spans buyout, growth equity, and venture capital funds, with diversification across vintage years, fund sizes, and geographies. The system evaluates both established and emerging managers, with a focus on investment quality and alignment of interest.
Real estate investments include core, value-add, and opportunistic strategies through commingled fund vehicles. These allocations provide income, inflation protection, and diversification from public equity markets.
CCCERA manages its private capital commitment pacing to maintain target allocations while ensuring adequate diversification. Fund managers seeking allocations should expect a comprehensive due diligence process covering investment strategy, team capabilities, performance track record, operational infrastructure, and fee terms. The Board of Retirement reviews and approves new commitments based on recommendations from staff and consultants.
Frequently Asked Questions
How does CCCERA invest in private equity?
CCCERA invests in private equity through limited partnership fund commitments across buyout, growth equity, and venture capital strategies. The system manages a diversified private equity portfolio with a commitment pacing plan designed to maintain target allocation levels.
What is the total size of the CCCERA portfolio?
CCCERA manages approximately $12 billion in total assets for employees of Contra Costa County and participating special districts in California. The system operates under the County Employees Retirement Law of 1937.
What governance structure oversees CCCERA investments?
The CCCERA Board of Retirement, composed of elected and appointed trustees, oversees investment policy and asset allocation. The board works with an internal investment team and external consultants to manage the portfolio and evaluate manager relationships.
