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Minnesota taps Albourne as first private markets consultant

The $82bn fund's CIO said Albourne will help with operational due diligence and expanded strategy options.

Minnesota State Board of Investment approved Albourne Partners as the pension system’s first private markets consultant Wednesday, bringing valuable assistance to the board’s staff in all aspects of portfolio management.

“We’re looking to use the consultant for a variety of additional things, they’re more of an extension of staff than our general consultants are,” executive director and chief investment officer Mansco Perry said at the board’s Wednesday meeting, conducted remotely. “It will allow us greater bandwidth than my staff of four people in that area can do.”

Tasks Albourne will help staff with include post-investment monitoring, operational due diligence, ESG review and diligence and benchmarking.

“I am personally looking forward to having someone who will help us to use their extended breadth in the area, both with markets and other managers, to assist us in providing additional strategy within the area,” Perry added.

Staff has been working on this for quite some time. The plan was originally approved in February of 2018. It issued an RFP last April, and received responses from 10 firms, including big names like Cambridge Associates, Hamilton Lane and StepStone Group.

The board approval allows staff and counsel to begin negotiating a five-year contract with Albourne.

The board also on Wednesday approved more than $1 billion in private equity commitments, as Buyouts reported.

Albourne Partners did not respond to a request for comment for this story. Last year, the firm was hired by Washington State Investment Board as its private equity consultant, as Buyouts reported.

Action Item: read Albourne America’s form ADV here.