Firms & Funds

CalPERS again extends deadline for consultant proposals

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CalPERS, pension fund, private equity
The iconic Hollywood sign overlooking Southern California's film-and-TV hub in Los Angeles on Jan. 1, 2017. Reuters/Kevork Djansezian
  • AUM: $354 bln
  • Deadline: May 22, 2019
  • Why is this important: Interested firms have a few more days to submit proposals to join CalPERS as consultants

California Public Employees’ Retirement System extended its request for proposals for investment consultants by almost a week, the second extension that the $354 billion system made in two months.

The deadline was extended from to May 22 from May 17, a memo by Jennifer Renda, CalPERS’s contracts officer, shows. Proposals originally were due April 30, Buyouts reported.

The system told Buyouts that it found a discrepancy in a fee-proposal document and extended the deadline to enable it to address the issue.

CalPERS is looking to add investment consultants as well as bids for general investment services and three specialized private-markets asset classes. The system intends to have all its consultant contracts renewed together, rather than individually, Buyouts reported in March.

The system is seeking board consultants for PE investment, general pension investment, real estate investment and infrastructure investment.

Contracts would begin July 1, 2020, and be up to three years, according to the RFP.

Meketa Investment Group is CalPERS’s current PE and infrastructure investing consultant. Its contract with CalPERS expires in June 2020, Buyouts reported.

Contracts with Pension Consulting Alliance, the system’s real assets and backup general investment consultant, and Wilshire, which provides general investment consulting, end March 31, 2022, Buyouts reported.

The deadline extension did not affect when finalists are selected. Finalists will be selected in June and CalPERS will decide in August, according to the RFP document.