NYC To Increase Its PE Portfolio –

The New York City Comptroller’s Office, which manages the City’s 10 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 ten retirement funds worth $82 billion altogether, but only five of those invest in private equity. The system’s new private equity consultant will advise each of these on an investment strategy, sub-asset allocation and industry best practices, and also identify and evaluate new investment opportunities, monitor investment portfolio, and analyze market conditions.

La Jolla, Calif.-based Pacific Corporate Group has had the contract for the last 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.