Pennsylvania’s Public School Employees’ Retirement System, the US’s 14th-largest defined benefit pension, is searching for a consultant to help it with private markets investments.
The $50 billion US pension wants to engage a contractor or contractors to provide non-discretionary private markets investment consulting services across strategies, including secondaries, co-investments, private equity and venture capital, according to a request for proposals document issued.
Interested consultants must outline their views on public pensions making secondaries sales from their private markets portfolios and be able to summarise any experience they have on advising clients on such sales, among other requirements, the RFP notes.
PSERS’ private equity, venture capital, special situations portfolio represents around 16 percent of total assets, including around $8 billion in net asset value and around $4 billion of unfunded commitments invested across 77 managers, according to the RFP. The pension currently has an allocation to infrastructure of 0.53%.
Proposals are due by 20 April.