Maryland State Retirement & Pension System, Baltimore, is searching for a private markets consultant, spokesman Michael Golden said.
The $54.2 billion pension fund issued an RFP for a non-discretionary investment consultant to advise the retirement system on private equity, private credit, infrastructure and real asset investments. The RFP excludes consulting services for real estate investments.
The current consultant is Mercer, which purchased then-incumbent consultant Pavilion Alternatives Group in November. Because Mercer does not provide services to public pension plans, the termination clause in Pavilion's contract was activated, effective in February 2020, Mr. Golden said.
As of June 30, actual asset allocation was 36.4% public equity, 18.1% rate-sensitive portfolios, 14.1% private equity, 13.3% real assets, 8.9% credit, 7.4% absolute return, 1.3% multiasset and the rest in cash.
The RFP is available on the state of Maryland's procurement website. Registration is required. Proposals are due at 5 p.m. EST on Nov. 12. A timetable for a decision was not provided.
A five-year contract would begin on or about March 1, 2020, according to the RFP.