New York State Teachers' Retirement System, Albany, hired StepStone Group as its new private equity/private debt consultant.
The $121.8 billion pension fund also rehired Aon Hewitt Investment Consultant as general investment consultant and Callan as real estate consultant, according to a summary of actions at its Thursday board meeting posted on its website.
All the firms provide non-discretionary services. The pension fund issued RFPs for general and private equity/private debt services in April and real estate consulting services in June. NYSTRS issued the RFPs because of impending contract expirations of the incumbents.
TorreyCove Capital Partners was the incumbent private equity/private debt consultant. The firm was invited to rebid; whether the firm did so could not be immediately learned.
Separately, the pension fund's board Thursday approved reducing the assumed rate of return to 7.1% from 7.25%. The new assumptions will be used beginning with the June 30, 2019 actuarial valuation, which will be effective July 1, 2020.
Spokesman John Cardillo would not provide further information.
