board consultant review & evaluation results – fy 2018 - 19 · board consultant review &...
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Board Consultant Review & Evaluation Results – FY 2018 - 19
Wilshire Associates, Inc. General Pension Investment
Pension Consulting Alliance, Inc. Real Estate Investment
Meketa Investment Group Infrastructure Investment
Pension Consulting Alliance, Inc. General Investment & Responsible Contractor Program
Meketa Investment Group Private Equity
1
Agenda Item 11a, Attachment 1, Page 1 of 64
Presentation Title
Project Scope
• Review & evaluate investment consultants thatreport directly to the Board− Wilshire Associates Inc. (General Pension)
− Pension Consulting Alliance, Inc. (Real Estate)
− Pension Consulting Alliance, Inc. (GeneralInvestment & Responsible Contractor Program)
− Meketa Investment Group (Infrastructure)
− Meketa Investment Group (Private Equity)
2
Board Consultant Review & Evaluation ReportAgenda Item 11a, Attachment 1, Page 2 of 64
Presentation Title
Purpose• Objectively measure consultant performance in
three key areas:- Strategic Analysis and Recommendations- Communication and Responsiveness- Overall Performance
3
Agenda Item 11a, Attachment 1, Page 3 of 64
Reviewers/Evaluators• Board member evaluated consultants
Board Consultant Review & Evaluation Report
Presentation Title
Methodology
• Established 5 - 6 different performancemeasures for each key area
• Utilized rating scale for each measure
Very Satisfied Satisfied Neutral Dissatisfied Very Dissatisfied
4
Agenda Item 11a, Attachment 1, Page 4 of 64
Board Consultant Review & Evaluation Report
Key Area 1:Strategic Analysis & Recommendations
Wilshire Associates, Inc. (General Pension)
5
Agenda Item 11a, Attachment 1, Page 5 of 64
Presentation Title
Strategic Analysis & Recommendations
6
Q1: Accurately analyzes issues and provides timely and objective information
Q2: Makes clear and relevant recommendations re: policy and guidelines
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 -10 Respondents 2019 - 9 Respondents
50%56%
33%
11%
30%
20%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 9 Respondents
30%
50%
20%
56%
33%
11%
Board Consultant Review & Evaluation Report – Wilshire Associates, Inc. (General Pension)Agenda Item 11a, Attachment 1, Page 6 of 64
Presentation Title
Strategic Analysis & Recommendations
7
Q3: Recommends ways to control or reduce fees and costs
Q4: Helps define appropriate risk parameters and identify mitigation
strategies
Board Consultant Review & Evaluation Report – Wilshire Associates, Inc. (General Pension)Agenda Item 11a, Attachment 1, Page 7 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 9 Respondents
40%
50%
10%
22%
34% 33%
11%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 9 Respondents
10%
80%
10%
33%
45%
22%
Presentation Title
Strategic Analysis & Recommendations
Q5: Makes sound strategic recommendations on portfolio structure
8
Board Consultant Review & Evaluation Report – Wilshire Associates, Inc. (General Pension)Agenda Item 11a, Attachment 1, Page 8 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 9 Respondents
30%
50%
20%
45%
33%22%
Key Area 2:Communications & Responsiveness
Wilshire Associates, Inc. (General Pension)
9
Agenda Item 11a, Attachment 1, Page 9 of 64
Presentation Title
Communications & Responsiveness
10
Q6: Proactively identifies new investment ideas/approaches and brings them to
Board’s attention
Board Consultant Review & Evaluation Report – Wilshire Associates, Inc. (General Pension)Agenda Item 11a, Attachment 1, Page 10 of 64
Q7: Produces high quality reports that are clear and accurate
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 9 Respondents
10%20%
10%
60%
22% 22%
34%
22%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 9 Respondents
20%
60%
20%
45%
33%
22%
Presentation Title
Communications & Responsiveness
11
Q8: Clearly and completely answers questions raised by the Board
Board Consultant Review & Evaluation Report – Wilshire Associates, Inc. (General Pension)Agenda Item 11a, Attachment 1, Page 11 of 64
Q9: Identifies and communicates with the Board on issues of strategic importance
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 9 Respondents
40% 40%
20%
45%
33%
22%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 9 Respondents
10%
70%
20%
45%
22%
33%
Presentation Title
Communications & Responsiveness
Q10: Effectively evaluates and monitors relevant asset class/total fund
developments
12
Board Consultant Review & Evaluation Report – Wilshire Associates, Inc. (General Pension)Agenda Item 11a, Attachment 1, Page 12 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 9 Respondents
20%
60%
20%22%
67%
11%
Key Area 3:Overall Performance
Wilshire Associates, Inc. (General Pension)
13
Agenda Item 11a, Attachment 1, Page 13 of 64
Presentation Title
Overall Performance
14
Q11: Thoroughly understand CalPERS’ objectives and constraints
Board Consultant Review & Evaluation Report – Wilshire Associates, Inc. (General Pension)Agenda Item 11a, Attachment 1, Page 14 of 64
Q12: Provides independent, unbiased insight and advice
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 9 Respondents
40% 40%
20%22%
67%
11%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 9 Respondents
40% 40%
20%
56%
22% 22%
Presentation Title
Overall Performance
15
Q13: Acts with honestly, integrity, and competence
Board Consultant Review & Evaluation Report – Wilshire Associates, Inc. (General Pension)Agenda Item 11a, Attachment 1, Page 15 of 64
Q14: Fulfills fiduciary responsibilities
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 9 Respondents
40%
60%56%
33%
11%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 9 Respondents
50% 50%45% 44%
11%
Presentation Title
Overall Performance
16
Q15: Works cooperatively to add value to CalPERS
Board Consultant Review & Evaluation Report – Wilshire Associates, Inc. (General Pension)Agenda Item 11a, Attachment 1, Page 16 of 64
Q16: Clearly understands it works for the Board and with CalPERS staff
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 9 Respondents
20%
50%
30%22%
67%
11%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 9 Respondents
20%
60%
20%
56%
22% 22%
Key Area 1:Strategic Analysis & Recommendations
Pension Consulting Alliance, Inc. (Real Estate)
17
Agenda Item 11a, Attachment 1, Page 17 of 64
Presentation Title
Strategic Analysis & Recommendations
18
Q1: Accurately analyzes issues and provides timely and objective information
Q2: Makes clear and relevant recommendations re: policy and guidelines
Board Consultant Review & Evaluation Report – Pension Consulting Alliance, Inc. (Real Estate)Agenda Item 11a, Attachment 1, Page 18 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
11%
78%
11%
25%
50%
25%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
33%
56%
11%12%
38%
50%
Presentation Title
Strategic Analysis & Recommendations
19
Q3: Recommends ways to control or reduce fees and costs
Q4: Helps define appropriate risk parameters and identify mitigation
strategies
Board Consultant Review & Evaluation Report – Pension Consulting Alliance, Inc. (Real Estate)Agenda Item 11a, Attachment 1, Page 19 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
11%
33%
56%
12%
88%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
22% 25%
11%
75%67%
Presentation Title
Strategic Analysis & Recommendations
Q5: Makes sound strategic recommendations on portfolio structure
20
Board Consultant Review & Evaluation Report – Pension Consulting Alliance, Inc. (Real Estate)Agenda Item 11a, Attachment 1, Page 20 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
22%
56%
22%
75%
25%
Key Area 2:Communications & Responsiveness
Pension Consulting Alliance, Inc. (Real Estate)
21
Agenda Item 11a, Attachment 1, Page 21 of 64
Presentation Title
Communications & Responsiveness
22
Q6: Proactively identifies new investment ideas/approaches and brings them to
Board’s attention
Board Consultant Review & Evaluation Report – Pension Consulting Alliance, Inc. (Real Estate)Agenda Item 11a, Attachment 1, Page 22 of 64
Q7: Produces high quality reports that are clear and accurate
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
11%
56%
33%25%
50%
25%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
22%
67%
11%
50%
38%
12%
Presentation Title
Communications & Responsiveness
23
Q8: Clearly and completely answers questions raised by the Board
Board Consultant Review & Evaluation Report – Pension Consulting Alliance, Inc. (Real Estate)Agenda Item 11a, Attachment 1, Page 23 of 64
Q9: Identifies and communicates with the Board on issues of strategic importance
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
11%
67%
13%
50%
25%
12%
22%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
11%
78%
11%13%
50%
37%
Presentation Title
Communications & Responsiveness
Q10: Effectively evaluates and monitors relevant asset class/total fund
developments
24
Board Consultant Review & Evaluation Report – Pension Consulting Alliance, Inc. (Real Estate)Agenda Item 11a, Attachment 1, Page 24 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
22%
33%
45%
13%
50%
37%
Key Area 3:Overall Performance
Pension Consulting Alliance, Inc. (Real Estate)
25
Agenda Item 11a, Attachment 1, Page 25 of 64
Presentation Title
Overall Performance
26
Q11: Thoroughly understand CalPERS’ objectives and constraints
Board Consultant Review & Evaluation Report – Pension Consulting Alliance, Inc. (Real Estate)Agenda Item 11a, Attachment 1, Page 26 of 64
Q12: Provides independent, unbiased insight and advice
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
45%
33%
22%
38%
50%
12%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
33%
56%
11%13%
38% 37%
12%
Presentation Title
Overall Performance
27
Q13: Acts with honestly, integrity, and competence
Board Consultant Review & Evaluation Report – Pension Consulting Alliance, Inc. (Real Estate)Agenda Item 11a, Attachment 1, Page 27 of 64
Q14: Fulfills fiduciary responsibilities
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
33%
67%
38% 37%
25%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
33%
67%
25%
50%
25%
Presentation Title
Overall Performance
28
Q15: Works cooperatively to add value to CalPERS
Board Consultant Review & Evaluation Report – Pension Consulting Alliance, Inc. (Real Estate)Agenda Item 11a, Attachment 1, Page 28 of 64
Q16: Clearly understands it works for the Board and with CalPERS staff
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
67%
11%
22%
13%
50%
37%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
22%
67%
11%
38% 38%
12% 12%
Key Area 1:Strategic Analysis & Recommendations
Meketa Investment Group (Infrastructure)
29
Agenda Item 11a, Attachment 1, Page 29 of 64
Presentation Title
Strategic Analysis & Recommendations
30
Q1: Accurately analyzes issues and provides timely and objective information
Q2: Makes clear and relevant recommendations re: policy and guidelines
Board Consultant Review & Evaluation Report – Meketa Investment Group (Infrastructure)Agenda Item 11a, Attachment 1, Page 30 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 8 Repondents 2019 - 8 Respondents
50%
13%
37%38% 38%
12% 12%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 8 Repondents 2019 - 8 Respondents
13%
25%
50%
25%
38%
12%
37%
Presentation Title
Strategic Analysis & Recommendations
31
Q3: Recommends ways to control or reduce fees and costs
Q4: Helps define appropriate risk parameters and identify mitigation
strategies
Board Consultant Review & Evaluation Report – Meketa Investment Group (Infrastructure)Agenda Item 11a, Attachment 1, Page 31 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 8 Respondents 2019 - 8 Respondents
38%
63%
12%13%
25%
37%
12%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 8 Respondents 2019 - 8 Respondents
13%
50%
37%
25%
38% 37%
Presentation Title
Strategic Analysis & Recommendations
Q5: Makes sound strategic recommendations on portfolio structure
32
Board Consultant Review & Evaluation Report – Meketa Investment Group (Infrastructure)Agenda Item 11a, Attachment 1, Page 32 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 8 Respondents 2019 - 8 Respondents
63%
37%
25%
50%
13% 12%
Key Area 2:Communications & Responsiveness
Meketa Investment Group (Infrastructure)
33
Agenda Item 11a, Attachment 1, Page 33 of 64
Presentation Title
Communications & Responsiveness
34
Q6: Proactively identifies new investment ideas/approaches and brings them to
Board’s attention
Q7: Produces high quality reports that are clear and accurate
Board Consultant Review & Evaluation Report – Meketa Investment Group (Infrastructure)Agenda Item 11a, Attachment 1, Page 34 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 8 Respondents 2019 - 8 Respondents
63%
25%
12%13%
25%
50%
12%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 8 Respondents 2019 - 8 Respondents
38%
25%
37%
50%
25% 25%
Presentation Title
Communications & Responsiveness
35
Q8: Clearly and completely answers questions raised by the Board
Q9: Identifies and communicates with the Board on issues of strategic importance
Board Consultant Review & Evaluation Report – Meketa Investment Group (Infrastructure)Agenda Item 11a, Attachment 1, Page 35 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 8 Respondents 2019 - 8 Respondents
12%
63%
25%
50%
25% 25%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 8 Respondents 2019 - 8 Respondents
13%
37%
50%
25% 25%
38%
12%
Presentation Title
Communications & Responsiveness
Q10: Effectively evaluates and monitors relevant asset class/total fund
developments
36
Board Consultant Review & Evaluation Report – Meketa Investment Group (Infrastructure)Agenda Item 11a, Attachment 1, Page 36 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 8 Respondents 2019 - 8 Respondents
13%
62%
25%
38% 37%
25%
Key Area 3:Overall Performance
Meketa Investment Group (Infrastructure)
37
Agenda Item 11a, Attachment 1, Page 37 of 64
Presentation Title
Overall Performance
38
Q11: Thoroughly understand CalPERS’ objectives and constraints
Q12: Provides independent, unbiased insight and advice
Board Consultant Review & Evaluation Report – Meketa Investment Group (Infrastructure)Agenda Item 11a, Attachment 1, Page 38 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 8 Respondents 2019 - 8 Respondents
62%
13%
25%
50%
38%
12%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 8 Respondents 2019 - 8 Respondents
37%
13%
50%
38% 37%
25%
Presentation Title
Overall Performance
39
Q13: Acts with honestly, integrity, and competence
Q14: Fulfills fiduciary responsibilities
Board Consultant Review & Evaluation Report – Meketa Investment Group (Infrastructure)Agenda Item 11a, Attachment 1, Page 39 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 8 Respondents 2019 - 8 Respondents
100%
50%
25% 25%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 8 Respondents 2019 - 8 Respondents
13% 12%
75%
50%
25% 25%
Presentation Title
Overall Performance
40
Q15: Works cooperatively to add value to CalPERS
Q16: Clearly understands it works for the Board and with CalPERS staff
Board Consultant Review & Evaluation Report – Meketa Investment Group (Infrastructure)Agenda Item 11a, Attachment 1, Page 40 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 8 Respondents 2019 - 8 Respondents
50%
37%
13%
50%
25%
13% 12%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 8 Respondents 2019 - 8 Respondents
13%
50%
37%
50%
25%
13% 12%
Key Area 1:Strategic Analysis & Recommendations
Pension Consulting Alliance, Inc. (General Investment & Responsible Contractor Program)
41
Agenda Item 11a, Attachment 1, Page 41 of 64
Strategic Analysis & Recommendations
42
Q1: Accurately analyzes issues and provides timely and objective information
Q2: Makes clear and relevant recommendations re: policy and guidelines
Agenda Item 11a, Attachment 1, Page 42 of 64Board Consultant Review & Evaluation Report – Pension Consulting Alliance, Inc. (General Investment & Responsible
ContraPrectorse Prnotgraatimo)n Title
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
11%
78%
11%13%
50%
37%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
22%
56%
22%13%
50%
12%
25%
Strategic Analysis & Recommendations
43
Q3: Recommends ways to control or reduce fees and costs
Q4: Helps define appropriate risk parameters and identify mitigation
strategies
Agenda Item 11a, Attachment 1, Page 43 of 64Board Consultant Review & Evaluation Report – Pension Consulting Alliance, Inc. (General Investment & Responsible
ContraPrectorse Prnotgraatimo)n Title
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
38%
89%
11%
50%
12%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
13%
89%
11%
62%
25%
Strategic Analysis & Recommendations
Q5: Makes sound strategic recommendations on portfolio structure
44
Agenda Item 11a, Attachment 1, Page 44 of 64Board Consultant Review & Evaluation Report – Pension Consulting Alliance, Inc. (General Investment & Responsible
ContraPrectorse Prnotgraatimo)n Title
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
22%
78%
13%
62%
25%
Key Area 2:Communications & Responsiveness
Pension Consulting Alliance, Inc. (General Investment & Responsible Contractor Program)
45
Agenda Item 11a, Attachment 1, Page 45 of 64
Communications & Responsiveness
46
Q6: Proactively identifies new investment ideas/approaches and brings them to
Board’s attention
Q7: Produces high quality reports that are clear and accurate
Agenda Item 11a, Attachment 1, Page 46 of 64Board Consultant Review & Evaluation Report – Pension Consulting Alliance, Inc. (General Investment & Responsible
ContraPrectorse Prnotgraatimo)n Title
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
56%
11%
33%25%
50%
25%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
67%
33%
13%
50%
25%
12%
Communications & Responsiveness
47
Q8: Clearly and completely answers questions raised by the Board
Q9: Identifies and communicates with the Board on issues of strategic importance
Agenda Item 11a, Attachment 1, Page 47 of 64Board Consultant Review & Evaluation Report – Pension Consulting Alliance, Inc. (General Investment & Responsible
ContraPrectorse Prnotgraatimo)n Title
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
22%
56%
22%13%
62%
25%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
11%
45%
33%
11%13%
75%
12%
Communications & Responsiveness
Q10: Effectively evaluates and monitors relevant asset class/total fund
developments
48
Agenda Item 11a, Attachment 1, Page 48 of 64Board Consultant Review & Evaluation Report – Pension Consulting Alliance, Inc. (General Investment & Responsible
ContraPrectorse Prnotgraatimo)n Title
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
22%
56%
22%13%
62%
25%
Key Area 3:Overall Performance
Pension Consulting Alliance, Inc. (General Investment & Responsible Contractor Program)
49
Agenda Item 11a, Attachment 1, Page 49 of 64
Overall Performance
50
Q11: Thoroughly understand CalPERS’ objectives and constraints
Q12: Provides independent, unbiased insight and advice
Agenda Item 11a, Attachment 1, Page 50 of 64Board Consultant Review & Evaluation Report – Pension Consulting Alliance, Inc. (General Investment & Responsible
ContraPrectorse Prnotgraatimo)n Title
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
33%
56%
38%
11%
50%
12%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
22%
11%
67%
13%
62%
25%
Overall Performance
51
Q13: Acts with honestly, integrity, and competence
Q14: Fulfills fiduciary responsibilities
Agenda Item 11a, Attachment 1, Page 51 of 64Board Consultant Review & Evaluation Report – Pension Consulting Alliance, Inc. (General Investment & Responsible
ContraPrectorse Prnotgraatimo)n Title
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
33%
67%
25%
63%
12%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 9 Respondents
12%
78%
22%
38%
50%
Overall Performance
52
Q15: Works cooperatively to add value to CalPERS
Q16: Clearly understands it works for the Board and with CalPERS staff
Agenda Item 11a, Attachment 1, Page 52 of 64Board Consultant Review & Evaluation Report – Pension Consulting Alliance, Inc. (General Investment & Responsible
ContraPrectorse Prnotgraatimo)n Title
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
56%
22%22%25%
50%
25%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 9 Respondents 2019 - 8 Respondents
22%
11%
67%
25%
50%
25%
Key Area 1:Strategic Analysis & Recommendations
Meketa Investment Group (Private Equity)
53
Agenda Item 11a, Attachment 1, Page 53 of 64
Presentation Title
Strategic Analysis & Recommendations
54
Q1: Accurately analyzes issues and provides timely and objective information
Q2: Makes clear and relevant recommendations re: policy and guidelines
Board Consultant Review & Evaluation Report – Meketa Investment Group (Private Equity)Agenda Item 11a, Attachment 1, Page 54 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 10 Respondents
40% 40%
20%
50%
30%
10% 10%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 10 Respondents
30%30%40%
50%
10%
30%
10%
Presentation Title
Strategic Analysis & Recommendations
55
Q3: Recommends ways to control or reduce fees and costs
Q4: Helps define appropriate risk parameters and identify mitigation
strategies
Board Consultant Review & Evaluation Report – Meketa Investment Group (Private Equity)Agenda Item 11a, Attachment 1, Page 55 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 10 Respondents
30%
70%
20% 20%
50%
10%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 10 Respondents 2019 - 10 Respondents
20%
40%40%
30%
40%
20%
10%
Presentation Title
Strategic Analysis & Recommendations
56
Board Consultant Review & Evaluation Report – Meketa Investment Group (Private Equity)Agenda Item 11a, Attachment 1, Page 56 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 10 Respondents
20%
60%
20%30%
40%
30%
Q5: Makes sound strategic recommendations on portfolio structure
Key Area 2:Communications & Responsiveness
Meketa Investment Group (Private Equity)
57
Agenda Item 11a, Attachment 1, Page 57 of 64
Presentation Title
Communications & Responsiveness
58
Q6: Proactively identifies new investment ideas/approaches and brings them to
Board’s attention
Q7: Produces high quality reports that are clear and accurate
Board Consultant Review & Evaluation Report – Meketa Investment Group (Private Equity)Agenda Item 11a, Attachment 1, Page 58 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 10 Respondents
70%
10% 10%10%10%
20%
50%
20%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 10 Respondents 2019 - 10 Respondents
80%
10% 10%
40%
50%
10%
Presentation Title
Communications & Responsiveness
59
Q8: Clearly and completely answers questions raised by the Board
Q9: Identifies and communicates with the Board on issues of strategic importance
Board Consultant Review & Evaluation Report – Meketa Investment Group (Private Equity)Agenda Item 11a, Attachment 1, Page 59 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 10 Respondents
50%
20%30%
50%
30%20%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 10 Respondents
10%
30%
50%
10%
40%
30%
20%
10%
Presentation Title
Communications & Responsiveness
Q10: Effectively evaluates and monitors relevant asset class/total fund
developments
60
Board Consultant Review & Evaluation Report – Meketa Investment Group (Private Equity)Agenda Item 11a, Attachment 1, Page 60 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 10 Respondents
20%
40%40%
50%
20% 20%10%
Key Area 3:Overall Performance
Meketa Investment Group (Private Equity)
61
Agenda Item 11a, Attachment 1, Page 61 of 64
Presentation Title
Overall Performance
62
Q11: Thoroughly understand CalPERS’ objectives and constraints
Q12: Provides independent, unbiased insight and advice
Board Consultant Review & Evaluation Report – Meketa Investment Group (Private Equity)Agenda Item 11a, Attachment 1, Page 62 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 10 Respondents
70%
30%
50%
30%20%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 10 Respondents
50%
20%
30%
50%
30%
10% 10%
Presentation Title
Overall Performance
63
Q13: Acts with honestly, integrity, and competence
Q14: Fulfills fiduciary responsibilities
Board Consultant Review & Evaluation Report – Meketa Investment Group (Private Equity)Agenda Item 11a, Attachment 1, Page 63 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 10 Respondents
30%
50%
30%
20%
70%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 10 Respondents
30%
70%
50%
30%
20%
Presentation Title
Overall Performance
64
Q15: Works cooperatively to add value to CalPERS
Q16: Clearly understands it works for the Board and with CalPERS staff
Board Consultant Review & Evaluation Report – Meketa Investment Group (Private Equity)Agenda Item 11a, Attachment 1, Page 64 of 64
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 10 Respondents
40%
30%30%
50%
20%30%
VerySatisfied
Satisfied Neutral Dissatisfied VeryDissatisfied
2018 - 10 Respondents 2019 - 10 Respondents
20%
50%
30%
50%
30%
10% 10%