Washington State Investment Board, Olympia, is adding Hackett Group and retaining incumbents Hamilton Lane and KPM in its investment compliance consulting pool, spokesman Chris Phillips said in an email.
The board, which oversees $139.6 billion in assets, including $108 billion in defined benefit plan assets, issued an RFP in July for consultants for the pool to be used on an as-needed basis for investment compliance testing within the board's private market asset classes, consisting of private equity, real estate and tangible assets.
WSIB's compliance review program consultants advise the board as needed specifically on whether external money managers are complying with industry and regulatory market practices, as well as their respective investment legal agreements.
"No contract has yet been negotiated for these services; we aim to have this pool of consultants in place by year-end," Mr. Phillips said.
As of June 30, the actual allocations to private equity, real estate and tangible assets were 21.5%, 18.3% and 5.1%, respectively.