The California State Teachers’ Retirement System yesterday launched a search for independent fiduciaries to screen partnerships, make recommendations and help investment staff manage the CalSTRS private equity portfolio.
Up to five firms will be selected to serve as independent fiduciaries for the CalSTRS Private Equity Proactive Portfolio.
Independent fiduciaries will be expected to conduct in-depth analysis, background checks and due diligence reviews of prospective partnerships which have been submitted to CalSTRS by its fund-of-fund managers, Banc of America Capital Access Fund and the New and Next Generation Management Fund, managed by INVESCO Private Capital Inc.
The fiduciaries will make recommendations to CalSTRS investment staff regarding the prospective partnerships under review in domestic underserved and emerging markets.
The Private Equity Proactive Portfolio operates within CalSTRS’ Investments Executive Unit. As of Nov. 30, total private equity was a $14.7 billion part of CalSTRS’ $174 billion investment portfolio.
The final filing date for proposals is Feb, 5. The request for proposals is available for viewing on the CalSTRS website at www.calstrs.com/rfp.