New York City seeks PE consultant

The comptroller of New York City has requested proposals for a private equity consultant, as several of the city’s public pension funds move closer to becoming major investors in the asset class.

The comptroller’s office of the City of New York has issued a ‘request for proposals’ for a private equity investing consultant and provider of monitoring services, the office has announced.

The comptroller, William Thompson, serves as a trustee or advisor for five New York City pension funds, including plans for the city’s teachers, firefighters, police, Board of Education and public employees. The plans have roughly $83 billion in assets under management.

A year ago, the pensions decided to significantly increase their collective allocation to private equity. Currently, the plans have a 5 percent allocation, established in 1997 on the advice of consultant Pacific Corporate Group.

Josh Wolf-Powers reports to Thompson as a managing director of private markets.

More than a year ago, the comptroller’s office requested proposals for a ‘debt-based economically targeted investment’ programme, targeting low-, moderate- and middle-income communities and populations.

The nearby New Jersey public employees pension is currently creating a private equity programme under the direction of former Hicks Muse Tate & Furst partner Cesar Baez.