South Carolina Retirement System Investment Commission, Columbia, selected Hewitt EnnisKnupp as investment consultant for the $25.6 billion state pension system, confirmed Reynolds Williams, chairman of the commission, in an interview.
The other finalist was NEPC, the pension fund's incumbent consultant for the past six years.
Mr. Williams said both firms were extremely well qualified but noted, “we believe in the concept of bringing in fresh blood and new ideas.”
Also at the commission's Thursday meeting, investment commissioners approved staff recommendations to commit $50 million each to Advent Global Private Equity VII and SJC Direct Lending Fund II. The funds are managed by Advent International and Czech Asset Management, respectively. In addition, a $75 million commitment was approved to TA Realty Associates Fund X, managed by TA Associates Realty Group, said Adam Jordan, interim CEO, in an e-mail message.
Mr. Williams said other topics that were discussed at the meeting but on which decisions were deferred included moving some of the pension fund's fixed-income allocation to internal management and commodities investment approaches.