Cambridge replaced Hamilton Lane, which will become a specialty consultant for the board.
Cambridge's duties include strategic investments reporting services.
FSBA, which oversees $157 billion, has allocated $6.4 billion to private equity and $5.9 billion in strategic investments, which consist primarily of hedge funds, distressed debt and timberland.
Strategic investment consulting isn't affected by the change. FSBA wants to consolidate the reporting of strategic investment consulting because it uses a number of consultants depending on the nature of the investment.
FSBA, which occasionally uses specialty consultants in private equity on a project basis, hasn't decided how Hamilton Lane's new role will be defined or compensated, Mr. Kuczwanski said in his e-mail.
The search was triggered by the Sept. 30 expiration of Hamilton Lane's private equity consultant contract. The board issued an invitation to negotiate in August.