Searches and Hires

PennPSERS reissues investment consultant RFP

Pennsylvania Public School Employees' Retirement System, Harrisburg, reissued an RFP for an investment consultant, confirmed Evelyn Williams, spokeswoman for the $54.8 billion pension plan.

The board originally voted to retain Aon Hewitt as investment consultant for both its defined benefit and new defined contribution plans at its Aug. 10 meeting. But before the contract with Aon was signed, Aon notified PennPSERS that it was subject to an inquiry with the U.S. Securities and Exchange Commission.

"It is unclear if this information would have had an effect on scoring," said Ms. Williams in an email. "Accordingly, (PennPSERS) determined that it is in the best interests of the commonwealth to cancel all bids and reissue the RFP in order to protect the integrity of the process."

PennPSERS originally issued the RFP for the DB plan consultant in May because its contract with Aon Hewitt was set to expire. Aon is invited to rebid.

The RFP is available on the state's procurement website. Proposals are due 4 p.m. EST Feb. 19. A selection date was not disclosed.

Separately, at its Jan. 17 meeting, the PennPSERS board agreed to commit a total of $300 million to three alternatives funds, documents from the pension system show.

The board agreed to commit up to $150 million to Summit Partners Growth Equity Fund X.

It also agreed to commit up to $75 million apiece to Santé Health Ventures III and Santé Health Ventures IV, private equity funds managed by Santé Ventures focused on making early stage venture investments in the health-care sector.

Private markets investment consultant Hamilton Lane assisted in the selection of these funds.