Marin County Employees' Retirement Association

Marin County Employees' Retirement Association

The Marin County Employees' Retirement Association was established by the County of Marin in 1950. It administers retirement benefits for county employees and participating districts under California public pension statutes. Jeff Wickman leads investment and administrative functions alongside board members including Todd Werby and Daniel Vasquez. The association deploys capital across real estate, private equity, and opportunistic credit. Real estate holdings include positions in the AEW Core Property Trust and UBS Trumbull Property Fund. Private equity exposure runs through Abbott Capital Management and Pathway Capital Management programs that encompass primary, secondary, and co-investments. Credit allocations include funds managed by AB CarVal, Fortress, and Värde Partners. Geographic reach centers on the United States with additional real assets exposure marked as global. The plan reports 23.9 percent of assets in real assets and roughly $352 million in private equity as of the latest internal breakdown. It maintains a long-term relationship with Callan as investment advisor and State Street Bank & Trust as custodian. In October 2025 the board conducted a strategic workshop covering asset allocation, private equity pacing, and emerging markets. MCERA participates in SACRS and CII as a member system. Governance rests with a retirement board that sets policy and oversees external managers rather than direct deal execution. This structure separates benefit administration from investment selection while requiring annual actuarial review by Cheiron and legal oversight from Nossaman LLP.