Dallas Police & Fire Pension System is planning to search for a general investment consultant and private markets consultant.
The $1.7 billion pension fund plans to issue an RFP to a list of potential consultants as early as February due to the upcoming expiration of current consultant Meketa Investment Group's five-year contract, said Ryan Wagner, chief investment officer.
Mr. Wagner said firms will have the option of bidding for both general and private markets services or one or the other. He said Meketa does not currently provide private markets advisory services, but the pension fund will seek those services because it plans to make more commitments to private markets in the near future. DPFP has been overallocated to private equity for the past few years and has not made any new commitments since 2016, Mr. Wagner said. The firm is invited to bid for existing and additional services.
As of June 30, DPFP's actual allocation was 40.8% global equity, 12.1% real estate, 7.9% private equity, 6.8% natural resources, 4.9% each emerging markets equities and short-term core fixed income, 4% each bank loans and investment-grade fixed income, 3.9% infrastructure, 3.8% high yield fixed income, 3.3% emerging markets debt, 3.2% cash equivalents and 0.4% private debt.