CalSTRS is searching for up to three private equity program consultants, confirmed spokesman Ricardo Duran. The $176.2 billion California State Teachers’ Retirement System, West Sacramento, is conducting the search because the contracts of incumbents Altius Associates and Cambridge Associates will expire on May 30. Both firms are invited to rebid.
Altius provides investment recommendations to staff on individual private equity opportunities in the Europe, the Middle East and Africa, while Cambridge covers North and South America, Asia-Pacific and Australia.
Pension Consulting Alliance, CalSTRS’ general private equity consultant, reports solely to the investment committee and provides analysis and advice to the committee on global industry market trends, and investment strategies and conditions. PCA’s role is not part of the search.
The search could result in the hiring of one firm for each general region: EMEA; the Americas; and Asia-Pacific/Australia.
As of Dec. 31, CalSTRS’ private equity program consisted of 266 partnership investments and 44 co-investments with an aggregate value of $21.9 billion, and $7.7 billion in unfunded commitments. About 75% of the portfolio is based in North America, with 20% in EMEA and 5% in Asia-Pacific/Australia.
Proposals are due at 2:30 p.m. PDT on April 8. CalSTRS hopes to make a decision in time to begin negotiations for a June 1 contract start date.
The RFP is available on BidSync, a procurement website.