Alameda County Employees' Retirement Association

Alameda County Employees' Retirement Association

The Alameda County Employees' Retirement Association was founded in 1948 to administer pension, disability, and death benefits. Dave Nelsen holds the chief executive role while Betty Tse serves as chief investment officer. The board includes Chair Kellie Simon and First Vice-Chair Tarrell Gamble. Allocations include a 9.36 percent target to private equity with commitments to Quantum Energy Partners VIII, Great Hill Equity Partners IX, and Clayton, Dubilier & Rice Fund XII. Real estate exposure covers direct ownership of the Oakland headquarters building plus mandates with PGIM U.S. Real Estate Debt Fund, Heitman Value Partners VI, Starwood Distressed Opportunities Fund XIII, and Artemis Real Estate Partners. Natural resources and infrastructure sit at 6.1 percent of total assets with global reach. Absolute return strategies total $1.05 billion. Geographic coverage spans the United States and select international markets. The association employs 52 professionals at its Oakland headquarters. Service providers include NEPC as general investment consultant, Callan Associates for real estate, State Street Bank as custodian, and The Segal Group as actuary. In May 2025 the firm spoke at the SACRS Spring Conference on legislative updates and retirement system administration. Governance rests with an elected and appointed board that sets policy separate from county operations. Investment decisions flow through the CIO with board approval on major commitments and consultant input from NEPC.