The Teacher Retirement System of Texas has chosen Hamilton Lane as its domestic and international private equity advisor, beating out rival consultant Altius Associates.
Texas Teachers’ decided earlier this year to consolidate its international and domestic private equity advisors into one, universal role. Hamilton Lane previously advised the $109 billion pension only on domestic private equity deals, with Altius serving as its international consultant. Both advisors' two-year contracts expire on 31 August.
Hamilton Lane now has its work cut out for it, as the pension has set a goal of spending $1.5 billion on private equity this year.
Investment staff had previously recommended the pension board discontinue its relationship with Altius and hire Hamilton Lane for the role, to “improve cost effectiveness by consolidating private equity under Hamilton Lane”, according to board documents. Both firms have worked for the pension since 2005.
Staff also recommended the pension renew its contract with Townsend Group for consulting services in real assets, which include real estate and infrastructure investments.
Hamilton Lane has consultant mandates with the Los Angeles City Employees’ Retirement System and the Louisiana Teachers’ Retirement System.