CalSTRS is searching for a pool of firms to act as independent fiduciaries to assist its real estate investment staff.
The $318.1 billion California State Teachers' Retirement System, West Sacramento, is seeking "qualified firms to provide evaluation and due diligence services for domestic and international commingled funds, joint ventures and other real estate related projects," according to an RFP posted on the state's procurement website.
As of Feb. 28, the actual allocation to real estate was 13%. CalSTRS said in the RFP that it reserves the right to determine the number of agreements to be awarded.
Fiduciaries will conduct full reviews of general partners with which CalSTRS is considering investment opportunities, which could include due diligence site visits and interviews with general partners' management teams targeting topics including the terms and target strategy of the investment opportunities and the general partner's ESG-related policies, programs and strategies, according to the RFP.
The RFP does not say whether CalSTRS currently has firms under contract for the services.
The RFP is available on the state of California's procurement website. Registration is required. Proposals are due at 5 p.m. PDT on April 28. A timeline for selections has yet to be determined.
CalSTRS spokesman Thomas Lawrence referred questions to the RFP.
