(updated with correction)
CalPERS selected Courtland Partners and incumbent Pension Consulting Alliance as finalists in the pension fund's search for a real estate consultant, show documents released in connection with the investment committee's meeting scheduled for April 18.
The selected consultant's contract will run for five years, beginning in April 2017.
The documents show investment staff of the $290.7 billion Sacramento-based California Public Employees' Retirement System gave Courtland Partners the highest ranking, 300 points, compared to PCA's 191 points, because Courtland is offering better fees.
Courtland Partners is proposing $3.9 million in combined fees over a five-year period compared to PCA's $6.2 million proposal.
Interviews scheduled with both firms at CalPERS' May 18 investment committee meeting will decide which firm gets the contract. The interview is worth 700 points.
PCA's current contract with CalPERS began April 1, 2012, and ends March 31, 2017. CalPERS has a $26.9 billion real estate portfolio.