The USD 35 billion retirement system has hired Pension Consulting Alliance (PCA) as its real estate investment consultant. MSRPS has a 10% target allocation to real estate and is currently evaluating its real estate investment strategy. It is keen to partner with PCA as a strategic partner in the future development of its real estate investment program.
PCA is an independent full service investment consulting firm specializing in general and alternative investments. Its services are solely provided on a non-discretionary basis. Although PCA’s main client base consists of pension funds, the firm also has consulting relationships with endowments and Taft-Hartley plans.
Additionally, MSRPS’s incumbent private equity consultant, Altius Associates, has had its contract renewed. Altius Associates has served as the system’s private equity consultant since 2004. Altius Associates manages and advises on private equity mandates and commitments to buyout, venture and growth managers globally, on behalf of clients based in Europe, the US and Australia. It offers both discretionary and non-discretionary accounts, offering services that include program design, manager selection, portfolio monitoring and fund reporting.
Both contracts are for a five-year term and both have two, one-year renewal options. The contracts are effective as of May 1st 2010. MSRPS has been an institutional investor in private equity since the early 1990s. It typically commits $50-100 million per fund and generally looks for investment opportunities in the US and Europe, although it would also invest in other regions. The retirement system is looking to expand its investment team. It is looking to hire four senior investment analysts by the summer of 2010.
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