Key Takeaways
- • CalPERS replaced StepStone as infrastructure consultant with Meketa Investment Group, according to Buyouts (Sam Sutton, 20 September 2017).
- • Meketa will advise the CalPERS board on its $2.6 billion infrastructure portfolio through the end of the contract, on similar terms.
- • Meketa previously served as CalPERS' infrastructure consultant from 2010 to 2014, and StepStone had replaced it when Meketa's contract expired on March 1, 2015.
- • Earlier agenda documents show staff had considered Courtland Partners, StepStone and Meketa as finalists, with Pension Consulting Alliance also named at one stage.
Summary
CalPERS has replaced StepStone as its infrastructure investment consultant with Meketa Investment Group, according to Buyouts, which reported the change on 20 September 2017. Under the arrangement, Meketa will consult with the CalPERS board on the pension fund's $2.6 billion infrastructure portfolio through the end of the contract, on similar terms to the prior agreement.
The move reverses an earlier selection. Coverage from earlier in the search reported that CalPERS had intended to select StepStone Group as its infrastructure consultant, and that StepStone would replace Meketa, whose contract was set to expire on March 1, 2015. Subsequent reporting described StepStone resigning from the role, with Meketa, the pension's previous infrastructure consultant from 2010 to 2014, returning as the leading candidate.
Agenda materials from the search process show that CalPERS investment staff had recommended Courtland Partners, StepStone and Meketa as finalists, and that staff pushed for a quick replacement, with Pension Consulting Alliance (PCA) also among the options under consideration. A board consultant review for fiscal year 2018 rated Meketa's infrastructure work favorably, though the excerpt available does not detail the scoring.
The original Buyouts article could not be retrieved in full, so this summary relies on headlines, snippets and agenda excerpts. Terms beyond the portfolio size and contract continuity were not available.
The move reverses an earlier selection. Coverage from earlier in the search reported that CalPERS had intended to select StepStone Group as its infrastructure consultant, and that StepStone would replace Meketa, whose contract was set to expire on March 1, 2015. Subsequent reporting described StepStone resigning from the role, with Meketa, the pension's previous infrastructure consultant from 2010 to 2014, returning as the leading candidate.
Agenda materials from the search process show that CalPERS investment staff had recommended Courtland Partners, StepStone and Meketa as finalists, and that staff pushed for a quick replacement, with Pension Consulting Alliance (PCA) also among the options under consideration. A board consultant review for fiscal year 2018 rated Meketa's infrastructure work favorably, though the excerpt available does not detail the scoring.
The original Buyouts article could not be retrieved in full, so this summary relies on headlines, snippets and agenda excerpts. Terms beyond the portfolio size and contract continuity were not available.
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