Key Takeaways
- • CalSTRS's investment committee will review a request for proposals (RFP) for a general investment consultant at its January 8 board meeting, according to committee meeting materials.
- • Meketa Investment Group Inc., CalSTRS's 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 may run three years, five years, or three years with two one-year options, per the meeting material.
- • CalSTRS had $352.5 billion in assets as of November 30, 2024, with 41.2% in public equity and 15.3% in private equity.
Summary
The investment committee of the California State Teachers' Retirement System (CalSTRS) will review a request for proposals for a general investment consultant at its January 8 board meeting, according to the pension fund's investment committee meeting material. The item is placed on the consent agenda. Per the board agenda, if the committee wishes to proceed with the search, the item will remain on consent; if it wants changes to the scope of work, it can be pulled for discussion.
The current contract with Meketa Investment Group Inc., CalSTRS's sole general investment consultant since 2018, is set to expire on June 30. If the consent action is approved, 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 scope includes manager search and selection, performance analysis, asset liability management studies, and other fiduciary work.
Meketa's history with the fund includes co-consultant status in 2013 alongside lead consultant Pension Consulting Alliance LLC. CalSTRS made Meketa the sole consultant in 2018 after issuing a new RFP, and Meketa and PCA merged in 2019. According to a spokesperson, Meketa is eligible to apply to the new RFP.
Separate board materials show CalSTRS's assets grew to $352.5 billion as of November 30, 2024. The portfolio allocation was 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 current contract with Meketa Investment Group Inc., CalSTRS's sole general investment consultant since 2018, is set to expire on June 30. If the consent action is approved, 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 scope includes manager search and selection, performance analysis, asset liability management studies, and other fiduciary work.
Meketa's history with the fund includes co-consultant status in 2013 alongside lead consultant Pension Consulting Alliance LLC. CalSTRS made Meketa the sole consultant in 2018 after issuing a new RFP, and Meketa and PCA merged in 2019. According to a spokesperson, Meketa is eligible to apply to the new RFP.
Separate board materials show CalSTRS's assets grew to $352.5 billion as of November 30, 2024. The portfolio allocation was 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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