US - The Illinois TRS is seeking a new private equity consultant following a spate of key departures from Pacific Corporate Group (PCG).
The recent departure of PCG MD Tom Keck proved the last straw for the US$39bn Teachers' Retirement System, and CIO Stan Rupnik said: “TRS is clearly disappointed in the recent events at PCG and the departure of our lead consultant at the firm. We want to ensure TRS employs the most capable advisors as it relates to our investment programme.”
The RFP for the private equity consultant is to be posted this week on the System’s web site, with the deadline for submissions is January 17, 2006. TRS said finalists would be presented to the TRS Board of Trustees at the February 15, 2007 meeting.
Troubles started for PCG in September, when the departure of asset management president Monte Brem, private equity co-investment head Stephen Mosely and MD Tara Blackburn was announced.
As of September 30, TRS had invested $1.5bn in private equity or 4.1% of the total fund, but the firm does have plans to increase that to 8%. The fund described the asset class as one of its top performers, with investment returns of 27.72% during the one year period ending September 30.
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