New Mexico SIC seeks PE advisor

The $14.5bn state endowment has published a request for proposal for a national private equity consultant.

The New Mexico State Investment Council is searching for a private equity consultant to advise on investments. Bids are due 3 January 2011.

New England Pension Consultants has served as the endowment’s interim advisor since Aldus Equity was fired in 2009 after its role in a wide-ranging pension pay-to-play scheme was revealed in New York. New Mexico curtailed making commitments after firing Aldus, but is now looking to get back into the asset class.

Gary Bland, SIC’s former state investment officer, resigned in October 2009 for undisclosed reasons. Steven Moise was named state investment officer earlier this year.

SIC also hired law firm Day Pitney this year to recover fees and “investment losses” from private equity firms connected to the pay-to-play scandal, which spread from New York to New Mexico and California.

The $14.5 billion endowment has about 100 GPs in its portfolio and an overall 10 percent allocation to private equity. 

SIC has a “national” private equity programme and a “regional” portfolio that includes mostly in-state venture funds. The endowment will review its allocations to all asset classes next year, an SIC spokesperson told PEO.

Graham Winfrey contributed to this article.