US - CalSTRS, the giant $95.5bn California State Teachers Retirement System, is considering splitting the duties held by its incumbent alternative investment consultant between two separate firms.
Currently, Pathway Capital Management is the fund’s alternative investment consultant - a post that it has held for the past five years. Under proposals being considered by CalSTRS’ investment committee, Pathway’s duties would be split between two firms performing separate strategist and gatekeeper functions.
Whoever is selected as the fund’s program advisor will have to provide the fund with gatekeeping services, perform due diligence, analysis, and recommend funds to invest in. Additional duties will include partnership monitoring, including the processing of amendments, advisory boards, quarterly market value, and annual cost adjustments
CalSTRS investment committee consultant - the investment strategist - will assist the fund with establishing an alternative investment strategy and analyse market trends. The firm will also monitor and report program performance on a quarterly, semi-annual, and annual basis.
If the proposals are enacted, then CalSTRS will begin searches for the new consultants in December, before closing them in February.
Interviews are aimed for March, with appointments expected shortly after.
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