The $36.1 billion Massachusetts Pension Reserves Investment Management Board hired Cliffwater as its general consultant on April 1 after terminating Wilshire Associates the day before.
MassPRIM officials cited the strong ties the $36.1 billion pension fund forged with Cliffwater CEO Stephen L. Nesbitt and Managing Director Dennis R. Sugino, who advised MassPRIM when they worked at Wilshire. They launched Cliffwater about a year ago.
Julia Bonafede, Wilshire managing director, said in an e-mail: "While we are disappointed with the decision, we understand their desire to work with individuals with whom they have worked in the past."
Also, New England Pension Consultants was hired as absolute-return consultant. The firm advised PRIM in its initial 5% hedge fund-of-funds allocation in 2004.
Separately, Stanley Mavromates was named MassPRIM's CIO, replacing Jerrold Mitchell, who retired Oct. 4. Mr. Mavromates was deputy CIO; he will not be replaced.