CalPERS' investment committee on Monday voted to launch an RFP in January for general investment consultants and private equity, real estate and infrastructure consultants.
Wilshire Associates is the general investment and forestry consultant for the $342 billion California Public Employees' Retirement System, Sacramento; its private equity and infrastructure consultant is Meketa Investment Group; and its real estate consultant is Pension Consulting Alliance. The incumbents will be invited to rebid.
In August, the investment committee decided to amend the contracts of its investment consultants to all expire on the same date, June 30, 2021, in a move to reduce the number of RFPs the pension fund would need to issue and, possibly, hire fewer consultants.
The contract will be for three years with one possible two-year extension to give the CalPERS investment committee time to consider the number of consultants it wishes to hire in the future and whether it would like to change consultants' scope of work.
Interested firms can bid to provide one or more of the specialty consultant mandates — private equity, real estate and infrastructure — but not also the general investment consultant mandate.
Responses to the RFP are due at 3 p.m. PST March 5, 2019, with selections as early as June and contracts to commence on July 1.
The RFP is available on the CalPERS website. Proposals are due 3 p.m. PST March 4.
CalPERS target asset allocation is 57.3% growth strategies, 24.4% income, 12% real assets, 4.4% inflation and 1.9% liquidity assets.