# Callan Investment consultant to the Arkansas Public Employees Retirement System (APERS). Callan provides manager-search services and related advisory services. Callan is the APERS-side analog of Aon Hewitt at ATRS. The 5/15/2025 APERS Investment Finance Subcommittee packet contains a 32-page Callan report titled "Arkansas Public Employees' Retirement System Infrastructure Secondaries Search Finalists" dated May 12, 2025 (Packet pages 72-103). The report covers six finalists: Ares Secondaries Infrastructure Solutions III, Blackstone Strategic Partners Infrastructure Fund IV, HarbourVest Infrastructure Opportunities Fund III, Macquarie Alliance Partners Infrastructure Fund, Pantheon Global Infrastructure Fund V, and Partners Group Infrastructure Secondary. The report includes a six-step Manager Search Process documentation (Quantitative Screening, Qualitative Screening, Oversight Committee Review, Semi-Finalist Review, Finalists Interview), client-specified Candidate Profile criteria for the Arkansas PERS Infrastructure Secondaries search, individual manager profiles with key professionals, fund terms, and historical AUM growth, and a Candidate Comparison and Performance Comparison appendix. The Callan Client Disclosure on packet page 103 establishes that five of the six infrastructure secondaries finalists are themselves Callan investment manager clients (Ares, Blackstone, Macquarie, Pantheon, Partners Group); only HarbourVest is not. Callan's standard disclosure language: "As a matter of policy, Callan follows strict procedures so that investment manager client relationships do not affect the outcome or process by which Callan's searches or evaluations are conducted." The pattern that an investment consultant's recommended-finalists pool consists predominantly of the consultant's own institutional clients is a structural feature of investment-consultant economics that the Callan report disclosure transparently addresses. The IFSC's 5/15/2025 action authorized up to $100 million each in three of the six Callan-recommended finalists: Partners Group, Ares, and Pantheon. The Callan analytical material in the packet covers all six finalists at depth — manager histories, professional teams, fund structures, historical performance, target returns, leverage, distribution waterfalls, key person provisions, and AUM growth. The same packet contains zero Callan analytical material on Israel Bonds. Israel Bonds is agenda item 4 ("Israel Bonds – Jason Brady"); the IFSC packet contains no Callan Israel Bonds report, no Callan Israel Bonds memo, no Callan analytical attachment, no Callan recommendation, and no Callan reference to Israel Bonds anywhere. This is the APERS-side instance of the consultant-analytical-asymmetry pattern documented at ATRS where the 6/2 Board packet contained substantive Franklin Park recommendations on Arlington Capital Partners VII and Great Hill Equity Partners IX but only an empty Kelly + Comstock memo header for Israel Bonds. See [[callan-analysis-asymmetry]]. ## Evidence > "Information contained herein is the confidential and proprietary information of Callan and should not be used other than by the intended recipient for its intended purpose or disseminated to any other person without Callan's permission. Certain information herein has been compiled by Callan and is based on information provided by a variety of sources believed to be reliable for which Callan has not necessarily verified the accuracy or completeness of or updated. ... May 12, 2025 / Arkansas Public Employees' Retirement System / Infrastructure Secondaries Search / Finalists" > Callan report cover, IB_FOIA_MAY_25_Reviewed.pdf p.72, dated 5/12/2025 > "Six funds are being advanced for consideration by Callan's Alternative Review Committee / Manager / Fund Name / Ares / Ares Secondaries Infrastructure Solutions III / Blackstone / Blackstone Strategic Partners Infrastructure Fund IV / HarbourVest / HarbourVest Infrastructure Opportunities Fund III L.P. / Macquarie / Macquarie Alliance Partners Infrastructure Fund / Pantheon / Pantheon Global Infrastructure Fund V / Partners Group / Partners Group Infrastructure Secondary" > Callan Search Background and Process, IB_FOIA_MAY_25_Reviewed.pdf p.78 > "As a matter of policy, Callan follows strict procedures so that investment manager client relationships do not affect the outcome or process by which Callan's searches or evaluations are conducted. / Firm | Is an Investment Manager Client of Callan* | Is not an Investment Manager Client of Callan / Ares Management LLC | X | / Blackstone Group (The) | X | / HarbourVest | | X / Macquarie Investment Management | X | / Pantheon | X | / Partners Group (USA) Inc. | X |" > Callan Client Disclosure, IB_FOIA_MAY_25_Reviewed.pdf p.103 ## Cross-References [[carlos-borromeo]] APERS CIO who works with Callan on manager searches [[callan-analysis-asymmetry]] the concept page [[apers-israel-bonds-authorization]] [[independent-credit-analysis-gap]] concept pages [[apers-foia-r1-7-7-25]] source page