California State Teachers’ Retirement System (CalSTRS) intends to pick RCLCO Fund Advisors as its real estate investment consultant.
As reported in May last year, the $302.2bn (€277bn) pension fund issued a request for proposal to find qualified firms to provide evaluation and due diligence services for domestic and international funds, joint ventures and other real estate-related projects.
CalSTRS told IPE Real Assets that it now expects to award RCLCO a five-year contract, subject to an agreement being finalised this month.
RCLCO’s role as the pension fund’s consultant will include monitoring the performance of the pension fund’s $52.7bn real estate portfolio, including partnership investments, co-investments, secondary interests and other related investments.
The consultant is also expected to provide analysis and advice to the pension fund’s investment committee on the global real estate industry and market trends. RCLCO is also expected to review the annual business plan for investing in real estate by the pension fund’s investment staff to its investment committee.
CalSTRS invests in real estate through relationships like separate accounts and joint ventures and also through non-control investments such as fund commitments.
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