The $641 million public pension fund has appointed Asset Strategy Consultants as a non-discretionary alternative assets consultant. The pension fund has never previously used a consultant for its alternative investments, and this is the first appointment of that nature. A decision on which alternative assets the mandate will include is yet to be made, but for the time being it encompasses the pension fund’s private equity fund investments.
Allegheny County Retirement Board mainly invests in the private equity asset class through funds of funds as it sees them as a useful way of creating a diversified private equity portfolio. The pension fund has employed Adams Street Partners and Goldman Sachs Private Equity Group to handle its fund of funds investments. As of the time of Asset Strategy Consultant’s appointment, Allegheny County Retirement Board had a target allocation of 5% to private equity and was over-allocated by more than three percentage points.
Asset Strategy Consulting is an investment consultant that covers both traditional and alternative assets. It primarily caters to the needs of endowments, foundations and pension funds, offering customized solutions for each client. Asset Strategy Consulting has a strategic working relationship with Callan Associates, which provides it with investment consulting resources covering capital market research, asset allocation, advanced computerized simulation models and proprietary investment manager databases. Its consulting services include custodial searches, performance analysis, development and review of investment policies and guidelines, investment manager search and selection, and manager performance monitoring.
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