CalPERS selects real estate investment consultant
The $284.7 billion California Public Employees’ Retirement System has selected Pension Consulting Alliance as its real estate investment consultant, according to Wylie Tollette, chief operating investment officer for CalPERS.
PCA has been the pension fund’s real estate investment consultant since April 1, 2012, and its current contract is set to expire March 31, 2017. The pension fund issued an RFP in October 2015.
PCA was awarded the contract only if the firm agrees to reduce its proposed fee by 15 percent, according to Tollette. The original fee was set at $6.3 million for five years.
Courtland Partners was the other finalist. CalPERS has a 10 percent target allocation to rea