CalSTRS is searching for a private equity fee consultant that would collect, calculate, verify and validate management fees, expenses and carried interest for private equity funds, according to the RFP for the $224.4 billion pension fund.
California State Teachers' Retirement System, West Sacramento, has 21 investment professionals managing its $17.3 billion private equity portfolio. As of Dec. 31, its private equity portfolio was composed of 69% buyouts, 13% debt-related investments, 8% venture capital, 7% special mandates, 2% core equity and 1% opportunistic private equity.
Meketa Investment Group is CalSTRS' private equity consultant. The private equity fee consultant would be a new service so there is no incumbent, said Michael Sicilia, CalSTRS spokesman, in an email.
Responses are due April 13 at 2 p.m. PDT, with a selection date not yet determined. The RFP is located on California's procurement website.