StepStone Group has resigned as the $333.3 billion California Public Employees’ Retirement System’s infrastructure consultant, according to board meeting documents. The resignation will be effective Sept. 30.
As a result, CalPERS’ investment committee could hire a new infrastructure consultant at its scheduled meeting on Sept. 18.
CalPERS is already considering two firms, Meketa Investment Group, the pension fund’s previous infrastructure consultant from 2010 to 2014 and current private equity consultant, and Pension Consulting Alliance, its real estate consultant and backup general consultant, as possible replacements for StepStone to fulfill the duties of the infrastructure consultant, according to the board meeting notes.
The successor firm selected by the committee will assume the duties of the infrastructure consultant, effective Oct. 1.
StepStone has served as CalPERS’s infrastructure consultant since March 1, 2015, and, absent earlier te
