CalPERS issues RFP for new infrastructure investment consultant

Sacramento-based pension is looking to replace its current investment consultant, Meketa, whose contract is set to expire in 2024.

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Institution: California Public Employees’ Retirement System
Headquarters: Sacramento, US
AUM: $440 billion

California Public Employees’ Retirement System has issued a request for proposal for a new infrastructure investment consultant, according to the firm’s recent September meeting materials. The pension is looking to enter into five-year contracts as current contracts are set to expire in 2024.

The specific criteria for this RFP was outlined in CalPERS’ board meeting this week. The pension is looking for a private infrastructure consultant who:

  • has at least three years’ experience in providing infrastructure consulting services to public pension funds that managed at least $10 billion in assets.
  • has key personnel with at least three years’ infrastructure consulting experience.

Currently, Meketa Investment Group advises on the pension’s real estate, private equity and infrastructure activity and investment portfolio. The firm’s five-year contract was extended this year and will now end in June 2024. The extension was made in order to allow for the issuing of this RFP and secure new consultants to replace Meketa.

As illustrated below, CalPERS’ recent private infrastructure commitments have focused on global vehicles seeking core returns.

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