CalPERS issue RFP for new investment consultants

The Sacramento-based pension is looking to replace current investment consultant set to expire in 2024.

Institution: California Public Employees’ Retirement System
Headquarters: Sacramento, US
AUM: $440 billion

California Public Employees’ Retirement System has issued a request for proposal for new investment consultants, according to the firm’s recent September meeting materials. The pension is looking to enter into five-year contracts with multiple new consultants to provide consulting services for the general board as well as the pension’s private equity and debt portfolio.

The specific criteria for this RFP was outlined in CalPERS’ board meeting this week. The pension is looking for a general pension investment board consultant with:

  • a minimum of three years’ experience consulting public pension funds that manage sizeable amounts of capital (at least $25 billion in assets under management).
  • key personnel who have at least three years’ experience consulting institution investors.

Within the same RFP, CalPERS is looking for a private debt investment board consultant and a private equity investment board consultant with:

  • at least three years’ experience in providing private equity/debt consulting services to public pension funds that managed at least $10 billion in assets.
  • key personnel with at least three years’ private debt/equity consulting experience.

Currently, Wilshire Advisors provides both general and private debt consulting services and Meketa Investment Group advises the pension on private equity matters only. The five-year contract with both consultants was extended this year and will end in June 2024. The extensions were made in order to allow for the issuing of this RFP and secure new consultants to replace the two.

As illustrated below, CalPERS’ recent private equity commitments have focused on North America-focused vehicles seeking buyout returns.

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