CalPERS to hire Meketa as infrastructure consultant

CalPERS board approved a request for proposals for an infrastructure consultant in September and had narrowed the search to four firms. Meketa beat out Pension Consulting Alliance, who already advises on the fund's real estate and private equity investments; R.V. Kuhns and Associates and Wilshire Associates, CalPERS' general consultant.

If approved at the meeting, Meketa's renewable, one-year contract will begin at the start of the new year.

CalPERS' US$100m infrastructure programme falls within its $4.5bn inflation-linked asset class.

According to the pension fund's quarterly report, which will also be discussed at the December 14 meeting, the infrastructure programme returned 3.6% in the quarter ended September 30 and -11.4% in the past year.

The $197bn investment portfolio returned 8.56% in the third quarter, underperforming its custom benchmark by 360 basis points.

The fund returned -6.9% in the past year, -2.9% in the three-year period and 3.6% in the five year period.