CalSTRS is searching for up to three non-discretionary private equity consultants for the Americas, Europe and Asia-Pacific regions, according to an RFP.
The $226.5 billion California State Teachers' Retirement System, West Sacramento, is seeking up to one consultant per region to advise staff in managing and monitoring of the private equity portfolio, the RFP states.
The selected consultants must provide expertise, advice and recommendations for all alternative asset classes, including private equity sectors such as buyout, venture capital, debt-related, multistrategy and core private equity, along with hedge funds, infrastructure, commodities, natural resources, cross-asset class investments, special mandates and other strategies.
Meketa Investment Group is the incumbent; its contract is due to expire on Sept. 30, 2020. The firm can rebid.
"The bid is open to any firm that qualifies per the RFP requirements," Michelle Mussuto, CalSTRS spokeswoman, said in an email.
CalSTRS had $20.4 billion in private equity a of Jan. 31. The pension fund has an 8% target allocation and a 13% long-term target to private equity. Geographically, about 75% of the portfolio is based in North America, 20% in Europe and 5% in Asia.
Responses are due by 2 p.m. PDT April 15. The selection date has yet to be determined.