Oklahoma Teachers' Retirement System, Oklahoma City, has hired Meketa Investment Group to assist with the administration of the fund's private markets portfolio.
The $17 billion pension fund opted to outsource the function of private markets administration to avoid having to "hire a ton of staff," the fund's executive director, Tom Spencer, said in an email.
"We have private equity, private debt and a growing number of non-core real estate funds. With each offering within those classes, we might have 100 separate limited partnerships," he said.
Meketa was hired for up to five years with annual renewals. It will be paid a five-year average annual fee of $327,000. The fee will grow if more limited partnership funds are added, Mr. Spencer said.
Meketa is the fund's first investment consultant to provide private markets administration. The engagement became effective on Aug. 1.