New York City Retirement Systems is searching for an infrastructure investment consultant, according to an RFP issued by the city comptroller’s office.
Comptroller Scott Stringer is the fiduciary for the five pension funds within the $150 billion city pension system.
Incumbent consultant Townsend Group is invited to rebid, said Eric Sumberg, a spokesman for Mr. Stringer, in an e-mail. Mr. Sumberg characterized the RFP as “routine.”
According to the RFP, the consultant will provide, among other things, “strategic advice, new investment identification, and evaluation (and) portfolio monitoring services.”
The city pension system has a target allocation to real assets — which includes real estate and infrastructure — of 6% of aggregate assets, although the targets vary among the individual city pension funds, the RFP said. Real asset investments totaled $8.6 billion as of Dec. 31, 2013. “There is no specific allocation between real estate and infrastructure,” according to the RFP.
The contract will run for three years with renewal options at the comptroller’s discretion of up to four additional years.
RFP details are available on the comptroller’s website. Registration is required. Proposals are due at 3 p.m. EDT on June 5. Interviews will take place in June and July. The contract is scheduled to start in September.