New York State Common Retirement Fund, Albany, issued an RFP for a consultant to oversee the pension system’s credit, opportunistic and absolute-return strategies portfolios, according to a notice on the website of Thomas P. DiNapoli, the state comptroller and sole trustee of the pension fund.
The pension fund’s credit portfolio accounted for 3.7% of $248.5 billion total plan assets as of March 31, 2023, the end of the 2023 fiscal year, the RFP said.
The opportunistic and absolute-return strategies portfolio represented 2.6% of total plan assets as of the same date.
The pension fund now has $259.9 billion in assets, according to the latest available data.
The RFP said a consultant must have a minimum of five years’ experience providing private market consulting, advisory, monitoring and reporting services with clients having at least $5 billion in credit and other private market investments. The consultant also must have at least one public pension plan client with total plan assets of at least $25 billion.
The RFP didn’t identify the incumbent consultant. A spokesman for DiNapoli declined to comment.
The RFP is available on the pension fund's website. Registration is required. Proposals are due by 4 p.m. EDT on July 30. Interviews will be conducted in late September. The contract is scheduled to take effect in mid-November and will run for six years. The pension fund could extend the contract for a single two-year period.
