The New Jersey pension system is looking for up to six private equity consultants and performance metrics advisor, according to a recently released RFP.
The deadline for submissions is 9 September, 2014.
The Division of Investment is looking for one primary consultant and up to five secondary consultants to advise on its private equity portfolio. In addition, the request calls for another independent performance metrics advisor.
The primary consultant and performance advisor will be brought in on a fixed fee relationship. The five secondary consultants will be brought in on a competitive mini-bid process. There will be no dual contracting relationship between the primary consultant and the secondary consultant process.
The RFP comes after the New Jersey Division of Investments appointed Christopher McDonough as director in March. McDonough previously served as the deputy director for New Jersey, taking over when Timothy Walsh stepped down. Walsh became president and chief operating officer of Gaw North America, which is part of Hong Kong-based real estate fund manager Gaw Capital Partners.
Prior to joining the New Jersey pension in January 2011, McDonough was the chief investment officer for the Philadelphia Board of Pensions and Retirement.
In 2013, New Jersey committed $300 million to The Carlyle Group’s US-focused Carlyle Partners VI and €100 million to CVC European Equity Partners’ sixth fund. The pension has an 8.5 percent target allocation to private equity, excluding debt-related private equity, and about a 7 percent actual allocation, according to documents from its December board meeting. The fund has about $76.7 billion of assets as of 31 December, 2013.