Santa Barbara County ERS to Issue RFP of Private Equity, Real Return Consultants

The Santa Barbara County Employees’ Retirement System (ERS) is preparing to launch a joint RFP seeking discretionary private equity and private real return consultants, scheduled to be issued on March 3.

According to a memo included in the pension’s January 22 board meeting materials, Santa Barbara County’s investment staff recommended running the searches “as two separate mandates with the option to bundle or unbundle the contract award depending on the responses received.” The joint RFPs will represent an actual weight of 24.31% for the two portfolios – translated to $1.1B in combined value as of September 30, 2024 – comprising 11.51% in private real return and 12.8% in private equity, against target sizes of 11.25% and 10%, respectively. The proposed deadline for the joint RFPs will be on April 4 at 5 pm, Pacific Time, with on-site interviews set for June and finalists to present to the board on August 27. 

Hamilton Lane has served as consultant for both portfolios, as well as for the real estate portfolio, since 2006. Hamilton Lane’s contract as private real return consultant for Santa Barbara County ended in 2024, while its contract as private equity consultant is set to end this year. It retains discretionary authority over the pension’s real estate portfolio until 2027. 

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Written By: Dakota

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