The Employees’ Retirement System of Texas is looking for a hedge fund consultant, according to a newly issued request for proposals.
The selected consultant will be responsible for assisting in portfolio construction and management, analysing domestic and international strategies through a range of investment products to work with ERS’ 5% hedge fund target allocation.
Firms submitting proposals must have at least five years’ experience providing hedge fund consulting services to public retirement system clients, while the primary individual assigned to the ERS account must have at least eight years’ experience in the space.
Potential consultants for the six-year contract will be evaluated on various criteria, including price proposals, qualifications and services. The finalist review phase may include onsite visits and in-person interviews.
Earlier this month, the $27bn Austin-based pension fund announced its plan to invest $270m into opportunistic credit this year, with the aim of growing its exposure to approximately $810m over time.
Their existing absolute return consultant, Albourne, was selected as the primary consultant for the new portfolio.
The pension was down 1.7% at the end of 2018. Global equities accounted for losses of 13% in the fourth quarter alone.
Responses, price and qualification proposals for the RFP, which can be found here, must be submitted no later than 19 April.
For more information, interested parties can email [email protected].
Texas ERS seeking hedge fund consultant on HFM InvestHedge.