New York State Teachers Retirement System, Albany, hired Callan Associates as its general investment consultant, replacing Evaluation Associates, said John Cardillo, spokesman. The $73 billion system frequently rotates consultant assignments, he said.
In addition, the system committed up to $50 million each to Charterhouse Capital Partners VII and HarbourVest Partners VII Mezzanine Fund. Funding will come from cash. The system also renewed its contract with Progress Investment Management to manage $530 million in its active domestic equity fund of funds.
NYSTRS also changed the benchmark for its internally managed passive index fund from the Russell 3000 to the S&P 1500 index because the S&P index uses a broader range of companies, Mr. Cardillo explained.
The system also will switch its internally managed Russell 3000 Value Tilt fund to a S&P 1500 Index Value Tilt fund, and it will establish an S&P 1500 Index Fund with a growth tilt, he said. Further details were not available.