Key Takeaways
- • The CalSTRS investment committee will review a request for proposals for a general investment consultant at its January 8 board meeting, according to the fund's committee materials.
- • Meketa Investment Group, CalSTRS' sole general investment consultant since 2018, has a contract expiring June 30, 2025.
- • If approved, the RFP would be issued this winter, with finalists presented to the investment committee in March and a new contract starting July 1.
- • The new contract could run three years, five years, or three years with two one-year options.
- • CalSTRS reported fund assets of $352.5 billion as of November 30, 2024.
Summary
The investment committee of the California State Teachers' Retirement System (CalSTRS) will consider a request for proposals (RFP) for a general investment consultant at its January 8 board meeting, according to the pension fund's investment committee meeting material, as reported by ai-cio.com. The contract of Meketa Investment Group Inc., the sole general investment consultant for CalSTRS since 2018, is set to expire on June 30.
The item is placed on the consent agenda. If the committee approves the consent action, CalSTRS will issue the RFP sometime this winter to start a new contract on July 1, with select finalists presented before the investment committee in March. The new contract will cover three years, five years, or three years with two one-year options. The draft RFP lists expected consultant services, including manager search and selection, performance analysis, asset liability management studies, and other fiduciary work. The board agenda notes the item can be pulled from consent for discussion if the committee wants changes to the scope of work.
Meketa was added as co-consultant in 2013 alongside lead consultant Pension Consulting Alliance LLC. In 2018, CalSTRS made Meketa the sole consultant after issuing a new RFP, and in 2019 Meketa and PCA merged. According to a spokesperson, Meketa is eligible to apply to the new RFP.
Separately, CalSTRS board material put fund assets at $352.5 billion as of November 30, 2024. The portfolio allocation is 41.2% public equity, 15.3% private equity, 13.1% real estate, 12% fixed income, 7.9% risk mitigation, 6.5% inflation-sensitive assets, 2.1% cash, 1.7% collaborative strategies, and 0.1% strategic overlay.
The item is placed on the consent agenda. If the committee approves the consent action, CalSTRS will issue the RFP sometime this winter to start a new contract on July 1, with select finalists presented before the investment committee in March. The new contract will cover three years, five years, or three years with two one-year options. The draft RFP lists expected consultant services, including manager search and selection, performance analysis, asset liability management studies, and other fiduciary work. The board agenda notes the item can be pulled from consent for discussion if the committee wants changes to the scope of work.
Meketa was added as co-consultant in 2013 alongside lead consultant Pension Consulting Alliance LLC. In 2018, CalSTRS made Meketa the sole consultant after issuing a new RFP, and in 2019 Meketa and PCA merged. According to a spokesperson, Meketa is eligible to apply to the new RFP.
Separately, CalSTRS board material put fund assets at $352.5 billion as of November 30, 2024. The portfolio allocation is 41.2% public equity, 15.3% private equity, 13.1% real estate, 12% fixed income, 7.9% risk mitigation, 6.5% inflation-sensitive assets, 2.1% cash, 1.7% collaborative strategies, and 0.1% strategic overlay.
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