NYSTRS has extended its contract with California-based StepStone Group for a further year, effective February 1st, 2010. NYSTRS originally appointed StepStone Group as its private equity consultant in February 2008 and has renewed its contract with the firm on an annual basis. StepStone Group is NYSTRS first private equity- specific consultant appointment.
NYSTRS is an active institutional investor in the private equity asset class. As an investor, NYSTRS has historically focused on the US but has also made a number of commitments to non-US and global funds. Its private equity investment portfolio mainly consists of buyout funds but it considers most fund types and has previously committed to funds of funds, secondaries, venture, and mezzanine funds. As of January 2010 NYSTRS was just below its target allocation to private equity, during the course of the year it plans on shifting away from big buyouts in the short term and instead focus on small to mid-sized buyout funds.
StepStone Group is an independent, employee-owned specialist firm focused exclusively on providing private equity asset management, co-investment and secondary services. It offers both discretionary and non-discretionary accounts and its services include: strategic advisory, including program design, investment allocation and customised portfolio construction; fund investment recommendation and due diligence; targeted co-investment and secondaries sourcing, evaluation and execution; and portfolio monitoring, reporting and analytics. StepStone has extensive experience working with pension funds, sovereign wealth funds and foundations to design private equity programs, from initial launch to enhancement of established programs.
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