Wyoming State Loan and Investment Board, Cheyenne, hired Hamilton Lane and Neuberger Berman to run $200 million each in private equity funds of funds for the state's $11 billion in permanent funds, confirmed Michael Walden-Newman, chief investment officer.
The board, which consists of five elected state officials, including Wyoming Gov. Matt Mead and state Treasurer Mark Gordon, issued an RFP in November 2011 as part of an effort to reach its target allocation to private equity of 4%. The actual allocation is currently 2.4%. The process was delayed by the death of previous state treasurer Joseph Meyer in October 2012.
The board also approved at its meeting Monday an additional $200 million to be private equity funds of funds later this year. Mr. Walden-Newman said in a telephone interview that the board will explore how to invest the additional funds through the summer and that no RFP will be issued this time.
The board oversees the state's $11 billion in permanent funds, including the $6 billion Permanent Mineral Trust Fund, $2.5 billion Common School Permanent Land Fund and five other funds. The board also oversees $5 billion in state operating funds, which by state law invest in only cash and fixed income.
Investment consultant R.V. Kuhns & Associates assisted.
