New Mexico Educational Retirement Board, Santa Fe, hired Top Tier Capital Partners as its private equity consultant, said Bob Jacksha, chief investment officer for the $11.3 billion pension fund, in an e-mail.
The other finalist was Caledon Capital Management. Pension fund officials made the selection following an RFP launched in September. Pension fund officials conducted the search because the contract of NEPC, the incumbent, was to expire on Dec. 31, 2014. NEPC rebid.“We felt Top Tier was the best fit for our program at this time,” Mr. Jacksha said. “This is not a negative commentary on NEPC … NEPC did very well for us while they were our private equity consultant. We appreciate their support over the years.”
NEPC still serves as the pension fund's general investment consultant, he added.
The pension fund's private equity target allocation is 11%, with the current value at about 8% of total assets.
