Meketa Investment Group has informed clients that it secured a Paycheck Protection Program loan "to facilitate the prioritization of our employees through this uncertain time," the investment consultant said in a client letter dated July 2.
Meketa is financially sound, but took the loan to protect its employees, the letter said. "We believe (the PPP loan) and other pre-emptive steps are the responsible actions of fiduciaries and are in the best interest of our employees and clients."
Meketa did not reveal the size of the loan.
"Our clients' success over the past 40 years is due to our deep staff of employees and their hard work and dedication," said the letter that is posted on the website of one of its clients, the $57.8 billion Los Angeles County Employees Retirement Association, Pasadena, Calif. "We view our commitment to our employees as a commitment to continuing to deliver the highest level of critical services to our clients."
LACERA CIO Jonathan Grabel declined to comment, as did the $385.2 billion California Public Employees’ Retirement System, Sacramento, which is also a Meketa client.
Meketa also said that it made changes to its due diligence processes for evaluating public and private market managers. Meketa's due diligence process is now fully remote and Meketa executives connect with managers using video technology.
Editor's note: Crain Communications Inc., parent company of Pensions & Investments, successfully applied for and received money through the federal government's Paycheck Protection Program.