CalPERS goes with Meketa as new infrastructure consultant

CalPERS hired Meketa Investment Group has its new infrastructure consultant, confirmed spokeswoman Megan White in an email.

The hire was approved by the $336.2 billion pension fund's investment committee on Monday. Meketa replaces StepStone Group, which resigned without explanation in August from its multiyear contract, which was set to expire in 2020. StepStone's resignation is effective Sept. 30.

Meketa had served as CalPERS' infrastructure consultant from 2010 to 2014 and currently is its private equity consultant. Investment staff had recommended that the normal request for proposal process be bypassed and that either Meketa or Pension Consulting Alliance, its real estate consultant and backup general consultant, be chosen for the new assignment.

The California Public Employees' Retirement System, Sacramento, has around $3.5 billion in infrastructure assets.