CalSTRS called off its search for up to four gatekeepers to advise on U.S. and European alternative investments because of a weak response, said Sherry Reser, spokeswoman. The multiple-part RFP generated some confusion over roles of the different advisers, she said. The $100 billion California State Teachers’ Retirement System, Sacramento, will re-issue its RFP in July. CalSTRS officials hope firms that had responded this time will rebid.
CalSTRS will keep the four firms picked in May as independent fiduciaries on secondary interests and co-investments. The fund is increasing its private equity commitment to 8% of fund assets from 5% over a four-year span.
