The California State Teachers’ Retirement System issued a request for proposals today for alternative investment portfolio advisers to recommend partnerships, perform due diligence and assist and advise CalSTRS staff.
The final filing date for proposals is Nov. 29, with selections expected by early 2008. A copy of the RFP will be available soon at www.CalSTRS.com/rfp.
The request for proposals aims at establishing one nondiscretionary alternative investment advisers in each of three global regions: The Americas; Europe, the Middle East and Africa; and Asia/Pacific. An adviser may be awarded more than one region. The firms selected will be fiduciaries to CalSTRS and must be registered investment advisers.
The competitive process is prompted by the expiration of existing contracts with CalSTRS’ U.S. adviser, Cambridge Associates, and its European adviser, Altius Associates.
The $176 billion CalSTRS investment portfolio is the second-largest public pension fund in the nation. As of Sept. 30, the alternative investment portfolio had a market value of $13.7 billion. Geographically, the alternative investment portfolio is invested 70% domestically and 30% internationally. Since its inception in 1988, the alternative investment portfolio has had a 19.8% return.