Search activity for the first quarter of 2021 increased 40.9% from the prior quarter and decreased 20.1% from the first quarter of 2020. Service provider and traditional manager searches increased 36% and 120% from the prior quarter, respectively. Notable activity for the quarter included Fonds de Reserve pour les Retraites’s $4.8 billion search for a traditional equity strategy; Teachers' Retirement System of Louisiana issued $2.05 billion in searches for international equity strategies.
Hiring activity decreased 16.7% from the previous quarter to $49.1 billion. The number of hires decreased 1% for the quarter and increased 5.4% from the same period a year ago. Blackstone received six mandates totaling $1.69 billion for its private equity and real estate strategies, which included a $1 billion hire by CalPERS for its Real Estate Debt Strategies IV. AXA Investment Managers and Macquarie Asset Management both won two mandates totaling $1.52 billion from Pensioenfonds Metaal en Techniek for their infrastructure debt strategies. Ares Management LLC received six mandates totaling $1.47 billion for its private equity and real estate strategies, which included a $1.1 billion hire by CalPERS for its Capital Europe V.