Two US pension funds seek PE consultant

CalSTRS, a $223.8bn public pension fund, is seeking to hire a private equity programme adviser for each of the global regions, including Europe, Americas and Asia Pacific. The LP is looking to award contacts of up to three non-discretionary programme advisers, however a private equity programme adviser may be awarded a contract for more than one region.

Interested firms should not only be familiar with private equity, but also with all alternative asset classes including hedge funds, infrastructure projects, commodities, natural resources, cross-asset class investments and special mandates, among others.

KCERA, a $4.2bn pension fund, is searching for a non-discretionary private markets consultant to advise on private equity, private credit, and private real assets investments. The consultant, which would serve in a fiduciary capacity, would be in charge of providing advisory services for all private market investments.

Other responsibilities include collaboration on the formulation of an appropriate private markets investment strategy, developing investment policy language, establishing goals, and determining investment structure and portfolio construction, among others.

The deadline for the proposals for CalSTRS and KCERA is on 15 April 15 and 8 May, respectively. The RFP documents for CalSTRS can be found here, and here for KCERA.

CalSTRS has $20.5bn in private equity assets under management, with private equity representing 9.1% of its portfolio, versus a target allocation of 13%. Buyouts dominate the pension fund's PE portfolio, which also includes investments in venture capital, debt, core private equity, and private equity special mandates.

The US-based investor has 381 partnership investments and 50 co-investments within its private equity portfolio. The breakdown of its PE portfolio includes investments in Europe (20%), North America (75%), and Asia (5%).

KCERA has a 5% target allocation to private equity, and it has previously committed to Abbott Capital Private Equity Fund IV, Abbott Capital Private Equity Fund V, and Abbott Capital Private Equity Fund VI.

Among CalSTRS' recent commitments to private equity are Welsh, Carson, Anderson and Stowe XIII,  Ardian Secondary Fund VIII (ASF VIII), Permira Growth Opportunities I, and Carlyle Europe Partners V.

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• Topics
• LPs
• Carlyle Group
• Ardian (formerly Axa PE)