CalSTRS extends alternatives consultant's contract

CalSTRS' board has approved extending McKinsey & Co.'s alternative investments consulting contract by two years, until June 30, 2007. McKinsey monitors performance and general private equity trends for the $126.6 billion California State Teachers' Retirement System, Sacramento. The firm will be paid $300,000 a year plus up to 15% of that amount for expenses. The board approved the extension Thursday.