State of Wisconsin Investment Board, Madison, is searching for a private equity investment consultant and providers for other private equity services.
SWIB — which oversees $102 billon in assets including the Wisconsin Retirement System's $94.2 billion in assets — could hire one or more firms.
It is seeking a non-discretionary private equity investment consultant whose work would include searching for private equity managers as well as monitoring, asset allocation and portfolio strategy. SWIB estimates it will commit to 20 to 25 private equity funds a year.
In addition, the RFP seeks providers for private equity services in accounting and reporting, and operational due diligence.
StepStone Group — the current private equity consultant as well as provider for the two other services —can rebid, said Vicki Hearing, communications manager.
The RFP also seeks a provider for fee oversight and recalculation services, which are new for SWIB, Ms. Hearing said.
Firms may apply for any one or combination of the services. SWIB intends to evaluate responses for each service separately; one firm could be hired for multiple services.
SWIB has committed $14.6 billion to private equity, including venture capital, distressed debt and co-investments as of July 31, according to the RFP. It had $7.2 billion invested in private equity and the other categories, according to an Aug. 8 board report.
The RFP is available on SWIB's website.
Proposals are due Oct. 7. SWIB expects to make a hiring decision hiring in early 2017, Ms. Hearing said.