The $65 billion California State Teachers' Retirement System decided against issuing another RFP for an alternative investment consultant despite disappointment with turning up only four candidates for the first RFP.
The board felt that the first RFP was adequately publicized and a second one probably would not garner a significant increase in responses. A new RFP would also delay the selection process by about six months and result in added expenses. However, the board remains undecided about whether all four of the unidentified consultants who responded to the RFP meet the board's criteria.
The contract of Abbott Capital Management, the fund's current alternative investment consultant, expires Oct. 31, and a decision is expected by then.
The board also didn't complete work on approving goals and objectives for the 1996-1997 fiscal year. Those goals include committing more dollars to larger partnerships to reach proposed strategic allocations for alternative investments, and enhancing its international securities lending process to increase its lending income.