The City of Austin Employees’ Retirement System in Austin, Texas, has selected a private markets consultant as the pension fund plans to increase its allocations to alternative investments. The $3.4 billion fund announced Monday the selection of investment consulting firm Albourne to fill the role. The selection comes after a request for proposals process that began in January.
“We are excited to welcome Albourne as a trusted partner in our investment strategy,” said Christopher Hanson, COAERS’ executive director, in a statement. “Their global expertise, analytical rigor, and deep understanding of private markets will be invaluable as we continue to strengthen the fund and fulfill our promise to members.”
The pension fund’s board last year approved a new strategic asset allocation that inaugurated targets for two asset classes: private equity, with a target of 8%, and private credit, with a target of 10%. The fund previously had no targets for either asset class.
“We are honored to be selected by COAERS as their Private Markets Investment Consultant,” said John Claisse, Albourne’s CEO, in a statement. “We look forward to supporting the System’s mission with our specialist research, deep expertise, and broad coverage. Together, we aim to build a resilient and forward-looking private markets portfolio that serves the long-term interests of COAERS members.”
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COAERS manages retirement benefits for full-time Austin city employees and counts 20,000 active members, retirees and beneficiaries.
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Tags: Albourne, City of Austin Employees Retirement System, COAERS
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