NMERB is in search of a non-discretionary private equity consultant to advise on the construction and implementation of its private equity investment portfolio, as well as its ongoing investments in private equity. The consultant is expected to help NMERB investment staff with setting private equity investment strategy, policy and objectives; aid with manager search and selection; and monitor investment performance. The deadline for respondents to contact the pension fund is 28th January 2010, with a final decision to be made in April. The RFI can be viewed here; respondents are expected to have at least two clients with assets of at least USD 1 billion, as well as investment consulting experience of at least five years.
NMERB became an institutional investor in private equity following a change in guidelines that until early 2005 limited investments by New Mexico's pension systems to mainly stocks and bonds. The search for a consultant comes as a result of NMERB terminating its relationship with Aldus Equity in May 2009, following its alleged involvement in a pay-to-play scheme. NMERB’s general consultant, New England Pension Consultants (NEPC), took on the role of private equity investment consultant temporarily to maintain the momentum of NMERB’s private equity investment activity. NMERB also has a relationship with BlackRock Alternative Advisors, which manages a separate account on its behalf, co-investing in a number of BlackRock’s fund of funds vehicles.
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Detailed analysis of and profiles for investment consultants active in the alternative investments space are available in the 2010 Preqin Alternatives Investment Consultant Review.