Illinois State Board of Investment, Chicago, is searching for private equity consultants.
The RFP is the result of the $14.6 billion board doubling its private equity target allocation to 10%, or $1.4 billion, with its adoption of a new asset allocation in February, said William R. Atwood, ISBI executive director. Its current actual private equity allocation is 4%, or $586 million.
The new allocation includes expanding its existing exposure in private debt and international funds and managers, although ISBI hasn't set targets.
Franklin Park Associates, the incumbent, can rebid, Mr. Atwood said.
The board could hire more than one consulting firm. “I don't think we are closing the door on anything.” Mr. Atwood said. “The plan is not to change the structure. But it's conceivable we could hire more than one. … We want the best platform” in place.
ISBI is seeking a consultant to assist in the “development and diversification” of ISBI's private equity portfolio.
The RFP is available on ISBI's website. Proposals are due April 29. ISBI expects to make a decision June 16.