Key Takeaways
- • New Hampshire Retirement System (NHRS), an $8.32 billion public pension fund, has issued a Request for Proposals (RFP) for private markets investment consulting services to guide capital allocation strategy across alternative asset classes.
- • The RFP process targets firms with demonstrated expertise in private equity and debt investment consulting, with explicit requirements for ten years of domestic and international experience in these sectors.
- • NHRS is utilizing consultant selection to potentially expand private markets allocations, consistent with broader institutional investor trends toward increasing exposure to private equity and real assets as part of diversified portfolio strategies.
- • The submission deadline was set for June 10, 2020, with the fund expecting to select a consultant by October of that year, indicating a structured, multi-month procurement timeline typical of large public pension funds.
Summary
The New Hampshire Retirement System, managing $8.32 billion in assets, has issued a formal Request for Proposals seeking an investment consultant specializing in private markets advisory services. This procurement initiative reflects NHRS's strategic effort to enhance its approach to alternative asset allocation and capital deployment across private equity, private debt, and related investment vehicles.
The RFP establishes specific qualification thresholds for responding consultants, requiring a minimum of ten years' demonstrated experience in both domestic and international private equity and debt investment consulting. This experience requirement ensures that selected advisors possess sophisticated understanding of deal sourcing, valuation methodologies, and portfolio construction within private markets—critical competencies for pension funds navigating increasingly complex alternative investment landscapes.
The consultant selection process carries implications for NHRS's broader portfolio strategy. Public pension funds increasingly recognize private markets as essential diversification tools, with many systems seeking to expand allocations from traditional benchmarks. The engagement of specialized consulting expertise suggests NHRS intends to calibrate its private equity and private credit positioning more strategically, potentially increasing exposure from current levels to achieve improved risk-adjusted returns aligned with long-term liability matching objectives.
The procurement timeline—with a June 10, 2020 submission deadline and anticipated consultant selection by October of that year—reflects standard institutional practice for evaluating complex advisory relationships. This multi-month evaluation window permits NHRS's investment committee and staff to conduct thorough due diligence, conduct reference checks, and assess consultant methodologies for aligning with the fund's fiduciary obligations and return expectations across multiple private market asset classes.
The RFP establishes specific qualification thresholds for responding consultants, requiring a minimum of ten years' demonstrated experience in both domestic and international private equity and debt investment consulting. This experience requirement ensures that selected advisors possess sophisticated understanding of deal sourcing, valuation methodologies, and portfolio construction within private markets—critical competencies for pension funds navigating increasingly complex alternative investment landscapes.
The consultant selection process carries implications for NHRS's broader portfolio strategy. Public pension funds increasingly recognize private markets as essential diversification tools, with many systems seeking to expand allocations from traditional benchmarks. The engagement of specialized consulting expertise suggests NHRS intends to calibrate its private equity and private credit positioning more strategically, potentially increasing exposure from current levels to achieve improved risk-adjusted returns aligned with long-term liability matching objectives.
The procurement timeline—with a June 10, 2020 submission deadline and anticipated consultant selection by October of that year—reflects standard institutional practice for evaluating complex advisory relationships. This multi-month evaluation window permits NHRS's investment committee and staff to conduct thorough due diligence, conduct reference checks, and assess consultant methodologies for aligning with the fund's fiduciary obligations and return expectations across multiple private market asset classes.
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