CalSTRS has issued a request for proposal for a private equity consultant for its $20.3 billion private equity program, said spokesman Ricardo Duran.
The RFP calls for a consultant to report to the $190.8 billion pension fund’s board on the performance of the private equity portfolio, but in a new responsibility, will also be keeping the board informed of breaking news coverage related to private equity in general, including “a clarification and explanation of the facts and circumstances and appropriate commentary when such news breaks.”
The consultant might also be asked to offer opinions on individual investment proposals for additional fees and would work with other private equity consultants that report to CalSTRS’ investment staff.
The California State Teachers’ Retirement System, West Sacramento, intends to award the contract for up to three years, beginning July 1 with two one-year renewal options.
Incumbent Pension Consulting Alliance’s contract expires June 30. The firm is invited to rebid.
The RFP is available on CalSTRS’ website.
Proposals are due at 2 p.m. PDT May 15. Retirement system staff plans to interview finalists at an unspecified date in June. The date for the notice and intent to award the contract has yet to be set.