PSERS issues RFP for IC services

The $76bn public pension has issued an RFP for an investment consultant.

  • Name: Pennsylvania Public School Employees’ Retirement System
  • HQ: Harrisburg, US
  • AUM: $76.0 billion
  • Allocations to alternatives: 30%

The Board of the Pennsylvania Public School Employees’ Retirement System has authorised staff, through an emergency procurement, to initiate the request for proposal process for an investment consultant, according to a resolution from the pension’s latest board meeting materials.

The chosen firm will perform investment consulting services across all asset classes, including investment, performance measurement, risk and attribution services.

The final terms and conditions of the agreement must be satisfactory to the Office of Chief Counsel, the Investment Office and the Executive Office as evidenced by their respective signatures on the agreement.

In October, the board motioned to retain Aksia as the private markets and back-office services investment consultant. In 2017, PSERS gave Hamilton Lane a $7 million, five-year contract to help find alternative investments not sold on the stock market. Over the past five years, the fund has also paid $3.5 million to Aon for “general investment consulting”.

It is unknown whether these services are still maintained with the new RFP arrangement.

PSERS currently allocates 12 percent of its total investment portfolio to private equity, totalling $9.12 billion in capital. As illustrated below, the pension’s recent private equity commitments have focused on North American vehicles with a diversified sector stance.

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