CalSTRS is searching for up to five consultants to help it tap emerging private equity managers, firms that are on their first or second fund offering, said spokesman Ricardo Duran. The consultants will serve as independent fiduciaries and help evaluate prospective partnerships submitted to CalSTRS by its fund-of-funds managers, Banc of America Capital and Invesco Private Capital. The funds will focus on domestic underserved and emerging markets.
The $174 billion California State Teachers Retirement System, Sacramento, currently invests $360 million with emerging private equity managers but expects the program to eventually grow to $1 billion, said Mr. Duran.
The RFP is available on the funds website, and proposals are due Feb. 5.