Pension Funds

NYC Retirement Systems seeks private equity consultant

The New York City Retirement Systems issued an RFP for one or more private equity investment consultants, according to a notice on the website of Scott Stringer, city comptroller and fiduciary of the five pension funds in the $200.8 billion system.

Proposals are due 2 p.m. EST Jan. 23 for contracts that take effect Oct. 1, providing the comptroller and the pension system with non-discretionary advice on private equity strategies, the RFP said. The initial contract is for three years with extensions that could add another four years.

The incumbent private equity consultants are StepStone Group and Hamilton Lane Advisors. The contracts for both firms are expiring, and they are invited to re-bid. Hamilton Lane has been a consultant since 2010 and StepStone since 2011.

Private equity accounted for about $6.18 billion, or 6.1%, of total system assets, as of Sept. 30.