CalSTRS' investment committee approved issuing an RFP for a real estate consultant, confirmed spokesman Ricardo Duran in an email.
The $206.5 billion pension fund's current contract with Townsend Group expires on Feb. 28. The firm is eligible to rebid.
The consultant will be charged with providing “expertise and advice on investment policies, practices and strategies related to the (real estate) program, as well as keep the investment committee apprised of trends and conditions in the real estate industry,” the RFP says.
The California State Teachers' Retirement System, West Sacramento, has $24.8 billion invested in real estate.
CalSTRS expects to set an unspecified date in August for the deadline for proposals. It plans to interview finalists in November and issue a formal award in the first quarter of 2018, prior to the expiration of the contract with Townsend.
The RFP will be issued soon. A copy of it from the pension fund's agenda is available on its website.