Searches and Hires

New York State Teachers scouting for private equity/private debt consultant

New York State Teachers' Retirement System is searching for a firm to provide non-discretionary private equity/private debt consulting services, the $111.1 billion pension fund said in an RFP posted on its website.

The RFP is routine, a spokesman said. Incumbent TorreyCove Capital Partners is welcome to rebid. TorryCove's contract was scheduled to expire at the end of the month, but the pension fund governing board approved a one-year extension through April 30, 2020.

The consultant's responsibilities will include performing an annual pacing analysis for each private equity and private debt portfolio, "as a basis for recommending an annual commitment plan to achieve and maintain established asset allocation targets," the RFP said.

The firm will provide annual portfolio performance analyses for each portfolio, conduct due diligence as needed on private equity and private debt funds specifically identified by pension fund staff and provide "investment recommendations and associated analysis on private equity and private debt funds currently in the fundraising stage," the RFP said.

The contract will be for one year, with the opportunity for up to four one-year extensions subject to agreement by both parties.

Proposals are due May 9 at 2 p.m. EDT. Initial interviews will take place in mid-June; finalists will make presentations to the pension fund governing board in late October. The contract will be awarded in mid-November and will take effect May 1, 2020.