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.
The other finalists were incumbent Meketa Investment Group and Courtland Partners.
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.
