The New York City Comptroller’s Office, which manages the City’s pension funds, plans to double its private equity portfolio over the next three to five years. Worth $2.2 billion today, the retirement system’s private equity investments could total $4.1 billion once the pension fund reaches its 5% target allocation.
The Comptroller’s Office has issued a request for proposals, seeking a new private equity consultant to guide that effort.
The New York City Comptroller’s officer oversees 10 retirement funds worth $82 billion altogether, but only five of those invest in private equity. The system’s new private equity consultant will advise an investment strategy, sub-asset allocation and industry best practices, as well as identify and evaluate new investment opportunities and analyze market conditions.
La Jolla, Calif.-based Pacific Corporate Group has had the contract for six years. They’re expected to compete along with other investment advisors and consultants for the new contract, says Gavinn Boyce, a spokesman for the New York City Comptroller.
Proposals are due June 8. The contract will be awarded in July.