SEARCHES AND HIRES

CalPERS turns to Meketa as private equity consultant after abrupt PCA resignation

CalPERS hired Meketa Investment Group as its new private equity consultant following the sudden resignation of consulting firm Pension Consulting Alliance in the middle of its five-year contract, according to agenda materials for the March 13 investment committee meeting.

The agenda materials said PCA resigned effective March 16, but does not a state a reason. PCA's latest contract as private equity consultant started on July 1, 2015, and was not scheduled to end until June 30, 2020.

Allan Emkin, PCA's founder and managing director, was not immediately available for comment. PCA's private equity consultant for CalPERS, Mike Moy, has been a longtime fixture at CalPERS meetings. Efforts to reach Mr. Moy by press time were unsuccessful.

Megan White, a CalPERS spokeswoman, in an email directed inquiries about the firm's resignation to PCA.

“We want to thank PCA for their work and contributions on our private equity portfolio and look forward to continuing to work with them in their capacity as our real estate and secondary (general investment) pension consultant,” she said.

Meketa was a finalist in the private equity consultant search in 2014 conducted by the $311 billion California Public Employees' Retirement System, Sacramento.

The agenda materials said Meketa's proposed fees for the remaining years on the contract are a combined $1.9 million, an increase of $200,000 over PCA's current fees.