South Carolina Retirement Systems has commenced a search for a private equity investment consultant to oversee the investment and management of a portion of the consolidated USD 23 billion portfolio that it is looking to invest through its South Carolina Private Equity Co-Investment Program.
The public pension fund is seeking an investment consultant to identify, carry out due diligence on, and make co-investments alongside private equity fund managers that are focusing on the state of South Carolina. The pension fund plans on having most of this mandate invested as direct private equity investments, with a small fraction of it possibly invested in private equity funds. The program will be open to possibilities in venture, growth equity and buyout, as well as other opportunities it deems worthy of investment.
The minimum qualifications that respondents have to possess are: experience investing with private equity funds of a variety of types, experience investing directly in co-investments, a capability to track investment performance, and a willingness to invest in the partnership formed. Proposals can be received from the 10th of November this year up until the 22nd of January 2010, with the deadline for receipts of “Notice of Intent to Respond” set as the 4th of December 2009.
SCRS had previously stated that it planned to resume its investments in private equity at some stage in Q4 2009, having suspended investment in Q4 2008 due to a significant fall in the value of its assets. The investments would be made with existing managers in its private equity portfolio and would mark SCRS's first foray into private equity in calendar year 2009. SCRS is expected to carry out its preliminary evaluations of all responses to the RFP during January and February 2010.
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