An RFP was issued in December. Earlier board documents noted that in 2015 the board directed pension fund staff to issue RFPs for service providers every five years unless the board "explicitly waives or extends the requirement." A phased-in approach was then put in place for current service providers, beginning with the investment consultant. The $2.1 billion pension fund had not issued an RFP for an investment consultant since 2006, the documents said.
"Meketa is strong in many of the areas that are important to us. One of those is their experience with troubled underperforming, illiquid portfolios," Ms. Gottschalk wrote. The pension fund recently reviewed what it considered high-risk and speculative real estate deals that had been made several years earlier.
Former investment consultant NEPC did rebid, Ms. Gottschalk said.
The pension fund's asset allocation as of April 4 was 35% total public and private equity, 35% real assets, 17% fixed income, 7% global asset allocation, and 6% cash.