Investment committee selects Meketa as private-equity consultant; vote delegates contract negotiations to staff

The Investment Committee voted to approve a staff recommendation to select Meketa Investment Group as CalSTRS’ private-equity board consultant and delegated authority to Chief Investment Officer Scott Chan and staff to negotiate final contract terms.

Staff reported that interviews for the RFP were conducted on May 26 with a panel including the chair and vice chair of the committee and procurement staff; Meketa was recommended following the procurement process. Committee members noted there was only one formal applicant to the RFP, and staff explained that organizations able to service CalSTRS’ scale are limited.

A roll-call vote was recorded on the consent action: Controller Cohen, Chairperson Keiley, Mr. Tang, Ms. Yamamoto, Ms. Bradford, Ms. Hendricks, Mr. Gunning, Mr. Patterson and Mr. Juarez were recorded on the public roll call as voting in favor; the item passed. The committee also approved the minutes of March 4, 2026 without objection.

Staff said the existing consultant contract expires Sept. 30, 2026, and that they would negotiate terms of the new agreement with Meketa subject to the committee’s approval. No substantive debate on the recommendation was recorded in open session; questions from trustees about the process and number of applicants were addressed by staff.