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New York Common inks pact with Hamilton Lane

  • Hamilton Lane to serve as general private equity consultant
  • LP Capital serving as general consultant during transition period
  • Hamilon Lane wins competitive bidding process

New York State Common Retirement Fund has named Hamilton Lane as its new general private equity consultant for a five-year contract, after the Bala Cynwyd, Pennsylvania, investment management  firm won a competitive auction held by the $161 billion pension system.

LP Capital will continue to serve as a general consultant during a transition period, as well as being a special consultant for private equity, according to an email from New York Common Retirement Fund spokesman Matthew Sweeney. LP Capital had been the pension’s general private consultant since 2010.

Hamilton Lane was hired for the job effective April 1. The firm’s contract extends to 2019, with a provision for up to two one-year extensions, at the discretion of the New York State Comptroller, a position currently held by Thomas DiNapoli.

As general private equity consultant, Hamilton Lane will serve as the primary adviser to New York Common’s private equity program, which carried a value of $13.8 billion as of March 31. The pension system may use other consultants for specific assignments or projects.

LP Capital was invited to rebid for the assignment.