Washington State to hire Hamilton Lane

Hamilton Lane has been selected to take over as the Washington State pension plan’s private equity mandate from Capital Dynamics.

Washington State Investment Board is to select Hamilton Lane as its new private equity advisor. The Philadelphia-based gatekeeper will take over the consulting mandate from Capital Dynamics, which has been advising WSIB on its $13 billion private equity programme since 2005. The mandate is up for renewal every five years.

Hamilton Lane declined to comment.

Capital Dynamics told PrivateEquityOnline.com today: “Although their decision is not welcome news for our firm, we all recognise that no public institution can ignore significant potential for cost savings in the current environment.”

Capital Dynamics also said it had been encouraged by WSIB to continue to “remain active” with the plan in certain areas including portfolio and risk management, as well as research.

Washington State is one of the most significant US pension plans investing in private equity.  Most recently, it approved fresh capital commitments to funds advised by Littlejohn and Oaktree Capital Management, respectively.

Hamilton Lane, which according to its website advises on more than $80 billion of capital, also advises the California Public Employees’ Retirement System, State Board of Administration of Florida, New York State Common Retirement Fund, State of Wisconsin Investment Board and Teacher Retirement System of Texas, among other clients.