CalPERS selects two finalists in search for real estate consultant

The $284.7 billion California Public Employees’ Retirement System has selected two finalists in its search for a real estate consultant, according to recent meeting documents.

CalPERS issued an RFP in October 2015. The pension fund has selected Courtland Partners and incumbent Pension Consulting Alliance.

According to the meeting documents, CalPERS received six proposals, all of which passed the minimum qualifications and then were ranked on a pass-fail basis in several categories. Courtland Partners was ranked higher by the pension fund and is offering significantly lower fees.

CalPERS will conduct interviews on May 18 to decide which firm will get the contract. PCA’s current contract will expire March 31, 2017.

The pension fund has a 10 percent target allocation to real estate.