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5yrs ago Hedge Fund hfm.global Views: 252

The $17.5bn New York State Insurance Fund (NYSif) has launched a search for a private markets consultant as it makes a debut move into alternatives.

Once hired, the consultant will assist the insurer in making allocations to private credit, private equity  and real assets strategies.

NYSif expects to allocate 4% to 7% of its portfolio to alternatives, meaning the successful candidate will advise between $700m and $1.2bn.

The RFP, issued last week, could result in multiple hires, as bidders may submit proposals for each of the asset classes, or for private markets as a whole.

The move comes after NYSif approved its first alternatives target in November last year, to be funded by a reduction in equity investments.

The insurer will take two or three months to review the responses, David Ourlicht, chair of the investment committee, told sister title Fundmap.

To be considered for the five-year contract, candidates must already advise on a minimum of $5bn in private markets strategies and have at least five clients with more than $500m in assets.

All inquiries regarding the RFP, which can be found here,  should be directed to Alexandria Romano, contract management specialist, and Heather Baumann, assistant director of financial administration.

The deadline for bid submissions is 2pm ET on 26 February.

NYSif uses NEPC as its general consultant.

NY State insurer searching for private markets consultant on HFM InvestHedge.


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