CalSTRS Seeks Alternative Investment Program Advisors
The request for proposals aims to select advisors for three global regions.
SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS), today issued a request for proposals seeking alternative investment portfolio advisors to recommend partnerships, perform due diligence and assist and advise CalSTRS staff.
The final filing date for proposals is Nov. 29, 2007, with selections expected by early 2008.
The request for proposals aims at establishing one nondiscretionary alternative investment advisors in each of three global regions:
- The Americas – North and South America
- Europe – Europe, the Middle East and Africa
- Asia/Pacific – Asia/Pacific and Australia
An advisor may be awarded more than one region. The firms selected will be fiduciaries to CalSTRS and must be registered investment advisors.
This competitive process is prompted by the expiration of existing contracts with CalSTRS’ U.S. advisor, Cambridge Associates LLC, and its European advisor, Altius Associates.
The CalSTRS investment portfolio, at $176 billion, 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 percent domestically and 30 percent internationally. Since its inception in 1988, the Alternative Investment portfolio has had a 19.8 percent return.
The California State Teachers’ Retirement System administers retirement, disability and survivor benefits for California’s 795,000 public school educators and their families from the state’s 1,400 school districts, county offices of education and community college districts.