Illinois State Board of Investment, Chicago, rehired Franklin Park Associates as private equity consultant and is considering raising its 5% private equity allocation to expand more into international private equity, said William R. Atwood, executive director.
ISBI, whose oversight includes $15.8 billion in defined benefits assets, is keeping open the potential to add StepStone Group as a private equity consultant to assist with an international focus.
The board could deliberate on raising the private equity target — including hiring another private equity consultant — and make a decision later this year.
StepStone responded to an RFP the board issued in May for a private equity consultant, Mr. Atwood said. The board would not issue another RFP, if it decides to pursue the expanded allocation, he said.
The board hasn’t set a target for a raise in the allocation, now close to its 5% target, whose existing investments include about 0.25 to 0.5 percentage points in international private equity, Mr. Atwood said.
Mr. Atwood described Franklin Park as a boutique firm with one office, while StepStone has offices in cities worldwide.
In a separate RFP for a real estate consultant, also issued in May, the board decided to continue with incumbent Courtland Partners under the existing contract until it expires in 2018, Mr. Atwood said.
“We had some concerns on the reporting level … and changes in personnel” at Courtland, Mr. Atwood said. “Through the RFP process our confidence in Courtland improved.”