TRS replaces TorreyCove with Stepstone as PE consultant

The $52.3bn pension scheme launched a request for proposals (RFP) in July, searching for a new private equity consultant, as the contract with its current consultant TorreyCove Capital Partners was due to expire.

"The TRS board decided that, at this point in time, the resources afforded the system by StepStone were more in line with the goals they have set out for our private equity portfolio," said Dave Urbanek, TRS director of communications, to Unquote. "TRS has had a long and fruitful relationship with TorreyCove, but the board decided that at this time a change was warranted."

The US pension fund has $6.3bn in assets under management in its private equity portfolio. It has recently invested in TA XIII, Arlington Capital Partners V, Trident VIII, Inflexion Enterprise Fund V and Inflexion Supplemental Fund V.

TRS has also rehired StepStone as investment consultant for real estate and real asset opportunities for a further five years, with the new contract beginning in January 2020.

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