(updated with correction)
New Mexico State Investment Council, Santa Fe, is searching for a private equity consultant, confirmed Charles Wollmann, spokesman for the $14.5 billion council.
Mr. Wollmann said in a telephone interview that the search is conducted every four years and the incumbent, Sun Mountain Capital, is invited to rebid.
He said the successful candidate will assist with the council's regional private equity investment portfolio, with assets of about $360 million. LP Capital Advisers continues to serve as the system's national private equity consultant. The council's overall private equity portfolio, which includes regional and national private equity investments, has a target allocation of 10% of the overall council portfolio. The RFP is available on the investment council’s website at www.sic.state.nm.us/rfps.htm. Proposals are due by 4:30 p.m. MDT on Sept. 23.
Separately, the board at its Tuesday meeting committed $50 million to TPG Growth II fund, Mr. Wollmann said. It is a new commitment. Also, the council named Townsend Group its real estate consultant, succeeding Courtland Partners, which did not rebid. An RFP for the consultant was issued in June.