Texas Employees Retirement System, Austin, will launch a search for investment consultants in February 2024.
The $36.2 billion pension fund will issue a request for qualifications in February seeking responses from one or more investment consultants that provide services in general investment consulting and specialized consulting services in hedge funds, private credit, private equity, private infrastructure, private real estate and also investment practices reporting consulting, according to a notice on its website.
The notice does not disclose whether current consultants are eligible to rebid. According to ERS' website, Aksia TorreyCove Partners is the current private equity consultant; Albourne America, hedge fund consultant; CBRE Caledon Capital Management, infrastructure consultant; Meketa Investment Group, real estate consultant; and NEPC, general investment consultant. The website does not list a current private credit consultant.
As of Sept. 30, the pension fund's actual allocation was 30.8% public equities, 17.8% private equity, 10.6% private real estate, 9.8% rates, 6.9% cash, 6.7% public credit, 6% infrastructure, 5.8% hedge funds, 3.7% private credit, 1.6% public real estate and 0.3% special situations.
The target allocation is 35% public equities, 16% private equity, 12% rates, 9% each private real estate and public credit, 6% hedge funds, 5% infrastructure, 3% each private credit and public real estate and 2% cash.
Texas ERS traditionally posts RFPs on its website. Spokeswoman Mary Jane Wardlow could not be immediately reached for further information.
