NYC Comptroller Seeks Advisor for $2.2B Portfolio

The New York City comptroller’s office, overseer of the city’s $82 billion retirement system, has reinitiated its search for a new consultant to oversee the expansion of its private equity program.

Proposals are due July 16. The contract will likely be awarded in September.

The pension fund plans to double the value of 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 it reaches its 5% target allocation.

The pension plan began its search for a new consultant May 17, then withdrew its original RFP and issued a new one in late June.

The new consultant will advise the fund on strategy, sub-asset allocation and industry best practices, as well as identify and evaluate new investment opportunities and analyze market conditions.

Pacific Corporate Group, which is based in La Jolla, Calif., has held the contract for the past six years. It is expected to compete with other investment consultants and advisors for the new contract.