CalPERS’ investment committee hired StepStone Group as infrastructure consultant, pending contract negotiations, spokesman Joe DeAnda said.
The $298 billion California Public Employees’ Retirement System, Sacramento, issued an RFP for an infrastructure consultant in April.
Infrastructure investments make up $1.8 billion, or about 0.6% of the pension fund’s portfolio
Separately, three finalists were named in the pension fund’s search for a private equity consultant. They are incumbent Pension Consulting Alliance, Albourne America and Meketa.
An RFP was issued in June; CalPERS’ contract with PCA ends June 30, 2015.
Materials prepared for the Sept 15 board meeting show Albourne America is the front-runner for the new contract with a rating by CalPERS staff of 446 points based on proposed fees and a technical review. PCA followed with 411 points and Meketa had 388 points.
Albourne America has proposed a total fee of $2 million for a five-year contract period, compared to PCA’s $2.5 million and Meketa’s $2.8 million.
Interviews are scheduled for the investment committee’s Oct. 13 meeting.
CalPERS has about $31 billion invested in private equity.