CalPERS' Private Equity has moved away from using external consultants and relies on Investment Staff for investment decisions. External consultants are occasionally used to provide specialized perspective to augment PE staff's primary work.
Customized Investment Accounts or direct investments, consultants provide a prudent person opinion. In that capacity, they are acting as a fiduciary.
CalPERS Global Equity does not use external consultants and relies on Investment Staff for all investment decisions and monitoring of external managers.