The $24.7 billion
The limited partner expects the adviser to create a diversified private equity portfolio using a separate account structure, and the adviser could also manage a fund of funds for the pension plan. The mandate may be either discretionary or non-discretionary, and venture capital, buyout funds, mezzanine funds and distressed debt may all be included.
Almost two years ago, the Texas Permanent School Fund approved a 6 percent allocation to private equity, with a minimum of 3 percent and a maximum of 8 percent. Proposals are due July 8, with finalists making their presentations on Nov. 17.
The LP intends to make its selection on Nov. 21, with the contract starting on Jan. 1. The initial contract will end in August 2012 but can be renewed.