However, unlike WSIB, the three funds also committed to an earlier fund, Abraaj Growth Markets Fund.
While only one investor, Texas Teachers, has replaced Hamilton Lane, some investors have called the firm on the carpet for the perceived due diligence lapse.
"It's safe to say that we had a serious and purposeful conversation (with Hamilton Lane) about due diligence," WSIB's Mr. Phillips said in an interview.
WSIB existing contract for private equity research and advice with Hamilton Lane was put in place in 2011 and runs to 2020, he said.
"This contract and the WSIB's ongoing work with (Hamilton Lane) was not altered by this situation with the fund, although our investment team did discuss this fund in some detail with Hamilton Lane in the immediate aftermath of the GP's troubled failure," Mr. Phillips said in a follow-up email.
In July, Texas Teachers allowed Hamilton Lane's private equity consulting contract, as well as the contract of its real estate consultant Townsend Group, to expire on Aug. 31, said TRS spokesman Robert Maxwell in an email.
The board did not discuss the reasons for allowing the contracts to expire.
Hawaii ERS officials rehired Hamilton Lane as its private equity consultant "prior to Hamilton Lane proactively pushing (for) release of our commitment to (Abraaj Private Equity) Fund VI," CIO Elizabeth T. Burton said in an email. Ms. Burton joined as CIO on Oct. 1.
Abraaj Private Equity Fund VI released the pension plan from its $50 million commitment in February 2018, Ms. Burton said. "Abraaj Global Growth remains an active investment and capital calls are necessary to preserve and protect existing investments," she added.
As of Sept. 30, Hawaii has paid $36.4 million to Abraaj Global Growth Markets Fund; the investment was valued at $37.3 million.
However, at the time the board rehired Hamilton Lane, pension fund officials were "fully apprised of the then-existing allegations concerning Abraaj in advance of their selection and rehire," said Thomas "Thom" Williams, Hawaii Employees executive director, in a separate email.
"Certainly, questions and concerns were raised by both staff and the members of our board," he said. "We were provided answers, to the extent available, and concluded our long-standing and rewarding relationship offset any immediate concerns."
Since then, Hawaii officials have monitored developments "very closely," and he said they "are confident that our interests are being well represented."
"Absent such confidence, and as a matter of principle, we would step away," Mr. Williams said.
Hawaii's relationship with Hamilton Lane goes back to 1997; the firm provides discretionary private equity consulting services, Ms. Burton said in her email.
Hamilton Lane oversaw a $1.4 billion private equity portfolio for Hawaii ERS as of Dec. 31, which earned 18.73% for one year, 16.37% for three years, 14.9% for five years and 9.35% since the portfolio's Nov. 1, 1997 inception, topping benchmarks in all periods but since inception, which was at 11.63%.
Louisiana Teachers extended Hamilton Lane's contract as its private markets consultant for one year in November in order to re-conduct an RFP for a private markets consultant "due to the lack of qualifying responses to the original RFP," said Lisa Honore, pension fund spokeswoman, in an email.
Ms. Honore declined to comment regarding Abraaj due to liquidation and SEC proceedings involving the firm.