Following the imminent expiration of PCG’s contract with TRS Illinois on the 30th of June 2010, it was agreed by the TRS Illinois investment board at its 25th June board meeting to rehire PCG as its private equity consultant. PCG has been providing private equity consulting services to the $33.7 billion institutional investor for the last three years. Following state law, which requires that Illinois public pension systems undergo a public “request for proposal” process at all times when engaging investment consultants, PCG was selected based on an evaluation by TRS Illinois trustees and investment staff of PCG Asset Management. There were seven other private equity consultants that responded to the RFP.
TRS Illinois is looking to make investments in the 2011 fiscal year in between 9 and 16 private equity funds or co-investment deals with between $700 million and $1.1 billion of funds. The new tactical plan also calls for certain developments that include; continued development of its international private equity investments; review of older private equity investments with the possibility of the sale of some of the assets; diversification of the portfolio by committing more to small and mid-market opportunities; continued development of international private equity investments and the development of a process that enables TRS to review and take advantage of any secondary opportunities that may arise from initial investments.
In similar news, following on from a previous blog post, the Tennessee Consolidated Retirement System (TCRS) has selected Cambridge Associates to serve as its private equity investment consultant. Effective from August 1st 2010, Cambridge Associates will 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. Cambridge Associates takes over from TCRS’ general consultant, Strategic Investment Solutions, which previously advised the retirement system on its private equity investments. The contract shall be in effect until June 30th, 2015.
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