Consultant Contract Renewals

by Claire McNeil

  • 12 Jun 2012
  • PE
  • RE

A number of investors have, since March, renewed their contracts with incumbent investment consultants.

Maryland State Retirement and Pensions Scheme, California Public Employees’ Retirement System (CalPERS), Oregon Public Employees' Retirement Fund, San Francisco City & County Employees’ Retirement System, Pension Protection Fund, California State Teachers' Retirement System (CalSTRS), Alaska Permanent Fund Corporation, and London Borough of Havering are amongst those that have rehired incumbent investment consultants.

Both CalPERS and CalSTRS rehired Pension Consulting Alliance (PCA) as their private equity consultant, for a two-year and five-year term respectively. CalPERS also extended the contract of its incumbent infrastructure consultant, Meketa Investment Group, for a further two years, to expire in March 2014. Meketa was also a finalist in the running to be private equity consultant to CalSTRS, but lost out to PCA. PCA has been the pension plan’s private equity consultant since 2007. Since 2009 the consultant has also been providing CalPERS with real estate investment consultancy services.

Headquartered in Oregon, with additional offices in California and New York, PCA advises several of the largest US pension funds, and also has consulting relationships with endowments and Taft-Hartley plans.

In June 2012 CalSTRS was considering making revisions to its investment policy which would enable it to invest in separately managed accounts, having begun discussions in February. The revised policy would allow CalSTRS to create managed accounts exclusively with established managers with proven track records.

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