CalPERS' investment committee is scheduled to consider the recommendation of investment staff at its Aug. 18 meeting to interview three finalists for its infrastructure consultant search, an agenda item for the meeting shows.
Staffers recommended Meketa Investment Group, StepStone Group and Courtland Partners as finalists. Meketa now holds the five-year contract that expires March 1, 2015.
StepStone received the highest score from CalPERS' investment staff, a total of 437 points. Meketa received 428 points and Courtland, 316 points.
Meketa had the highest score for technical expertise, CalPERS' rankings show, but StepStone received a higher total score than Meketa because its total proposed fees of $583,000 for five years was below Meketa's $644,062. Courtland Partners proposed the highest fees, $825,000 over the five years, and also had the lowest technical rating of the three.
CalPERS officials have made it a major priority to build investments in the infrastructure arena, but they have had difficulty in finding suitable investments. Infrastructure investments make up only $1.6 billion, or about 0.5% of the $298.4 billion pension fund's portfolio.
The agenda item did not disclose when the interviews would take place, if approved by the investment committee.
The California Public Employees' Retirement System, Sacramento, issued an RFP in April.
