Tennessee Consolidated Retirement System seeks a private equity consultant

by Dami Sogunro

  • 27 May 2010
  • PE

The $29.8 billion retirement system is in search of a private equity consultant to provide a number of investment consulting services, which will include: reviewing its strategic investment plan and investment policy objectives and guidelines; asset allocation analysis and due diligence; manager oversight; and performance measurement and reporting.

Respondents to the RFP should fulfill a number of mandatory requirements, three of which are: (i) as of December 2009, provide consulting services to a client with at least $20 billion of assets; (ii) provide consulting services to at least three public pension funds; and (iii) as of December 2009, have at least one client with more than $1 billion targeted to private equity assets.

In July 2008, Tennessee state law was amended to allow TCRS to invest globally in private equity. Following that, in August 2008, TCRS announced that it would set a 3% target, and a range of 0-5%, to private equity. This was to be allocated to buyout, mezzanine, special situations, secondaries, distressed debt and venture capital funds. The retirement system has since committed to a number of private equity funds, managed by firms such as TA Associates and Oaktree Capital Management.

Incumbent general consultant, Strategic Investment Solutions, which currently advises the retirement system on its private equity investments, has also been invited to bid for the position. The deadline for proposals is June 11th, 2010, with the final selection due to be made in the same month. The contract shall be effective from July, 2010 until June 30th, 2015.

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