WSIB is in search of a consultant to provide non-discretionary private equity investment advice, and another firm to provide back office support, transaction management and reporting services. One firm is allowed to provide both services if it is capable of doing so, but this would be under two separate contracts. Firms interested in providing both services should submit separate proposals for each category of service offered, and may partner with another firm to submit a proposal that would provide the required complete services.
The USD 72 billion public pension fund is looking to replace its incumbent consultant, Capital Dynamics. Capital Dynamics has been advising the pension fund on its investments in the private equity asset class since 2005. It is looking to replace the firm as a result of several factors, mainly to do with a number of employee departures from Capital Dynamics coupled with the firm’s staff primarily being based in Switzerland, which is several hours ahead of Pacific Time. The chosen private equity consultant will be expected to provide non-conflicted, high-level expert advice leading to commitments in private equity, and management of the overall private equity portfolio. It is expected to provide services that include, but are not limited to: specialty consulting concerning the private equity asset class, sub-asset allocation recommendations, review of market trends and conditions, performance benchmarks, performance monitoring, and other related areas. It will also cover domestic and international investment opportunity identification (including secondary opportunities), detailed due diligence, written investment recommendations, and oral presentation of recommendations to the WSIB’s Private Markets Committee or Board.
Proposals are due on April 1, 2010, finalist interviews are scheduled for early May, and the final Board approval will be on June 17, 2010. Both contracts shall run until December 31, 2015 with the option of a five-year extension at the sole discretion of WSIB. The contract for a non-discretionary private equity consultant is to begin on or about January 1, 2011 with the back office support contract beginning on or about July 1, 2010. The RFP can be viewed by clicking here.
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