The California Public Employees’ Retirement System is preparing to issue a request for proposal (RFP) for a real estate consultant.

The $290bn (€260bn) pension fund board will need to approve the RFP when it meets next week.

Pension Consulting Alliance (PCA) was hired as the pension fund’s first and only real estate consultant in 2009 and has retained the role over the years through successive RFPs.

PCA’s existing contract runs out on 31 March, 2017, and CalPERS wants to enter into a new contract before this date.

According to CalPERS documentation, the primary role of the real estate consultant is “to provide professional assistance regarding strategy and policy analysis, performance analysis and monitoring, and independent advisory services”.

Pension fund expects to issue the RFP in October. Responses will be evaluated between November 2015 and March 2016.

The cost of the real estate consultant contract is approximately $5.7m, CalPERS said.

A year ago, PCA warned CalPERS about a “heated” global real estate market and urged the pension fund to “maintain a disciplined approach to underwriting”.