- October 1, 2014: Vol. 1, Number 1

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CalPERS Taps New Infrastructure Consultant, Hires Managers


The largest U.S. public pension fund, the California Public Employees’ Retirement System (CalPERS), has announced commitments totaling more than $1 billion to global infrastructure managers Morgan Stanley and UBS.

Also, after listening to finalist presentations from three infrastructure consultants — Courtland Partners, Meketa Investment Group and StepStone Group — it selected StepStone Group following its investment board meeting in mid-September. Meketa is the current consultant and its contract expires in March 2015.

StepStone was awarded the highest ranking among the three consultant finalists. StepStone hired David Altshuler from Meketa in January 2014. Altshuler was the lead infrastructure consultant and worked closely with CalPERS.

In investment news, CalPERS announced a $735 million commitment to UBS in August, including $485 million to Golden State Matterhorn, a $500 million joint venture between the pen

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