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New York City Comptroller William C. Thompson, Jr., on behalf of the New York City Pension Funds and Retirement Systems, today issued a Request for Proposals (RFP) to identify and select private equity investment consultants. Consultants will be responsible for providing private equity investment consulting and monitoring services subject to the Comptroller’s negotiation of acceptable terms and conditions.

Four of the City’s retirement systems make private equity investments: the New York City Employees’ Retirement System (NYCERS); Teachers’ Retirement System (TRS) of the City of New York; New York City Fire Department Pension Fund, Subchapter Two; and New York City Police Pension Fund, Subchapter 2. The four systems which invest in private equity have a weighted average allocation to the asset class of 4.5%. The fifth system, the Board of Education Retirement System, may make private equity investments in the future.

Comptroller Thompson serves as trustee to the four and as investment advisor and custodian to all of the City’s systems. The anticipated term of any new contracts will be three years, with renewal options totaling two years. The deadline to respond to the RFP is June 8.

Serving with Comptroller Thompson on the NYCERS board are: New York City Finance Commissioner Martha E. Stark; Public Advocate Betsy Gotbaum; Borough Presidents Fields, Marshall, Marty Markowitz (Brooklyn), Adolfo Carrion (Bronx), and James Molinaro (Staten Island); Lillian Roberts, Executive Director of District Council 37, AFSCME; Roger Toussaint, President, TWU-Local 100; and, Carroll Haynes, President, International Brotherhood of Teamsters, Local 237.

In addition to Thompson, TRS trustees are: Commissioner Stark; Kathleen Grimm, Deputy Chancellor, New York City Department of Education; Phillip Berry, Department of Education's Panel for Educational Policy; and, Sandra March, Melvyn Aaronson and Mona Romain, all of the United Federation of Teachers.

Besides Thompson, trustees on the New York City Fire Department Pension Fund are: Mayor Michael Bloomberg; Nicholas Scoppetta, Chair, New York City Fire Commissioner; Martha Stark, Commissioner, New York City Finance Department; Stephen Cassidy, President, James Slevin, Vice President, Robert Straub, Treasurer, and John Kelly, Brooklyn Trustee, all of Uniformed Firefighter's Assoc. of Greater New York; Peter Gorman, President / Captains Rep., Uniformed Fire Officers Assoc.; Nicholas Visconti, Chief's Rep., and Stephen Carbone, Lieutenant's Rep., Uniformed Fire Officers Assoc.; and, Joseph Gagliardi, Marine Engineers Assoc.

In addition to Thompson, trustees on the New York City Police Pension Fund are: Mayor Bloomberg; Commissioner Stark; Raymond Kelly, Chair, New York City Police Commissioner; Patrick Lynch, Police Benevolent Association; Mubarak Abdul-Jabar and Scott Williamson, Chair of the Board of Trustees, Police Benevolent Association; Thomas Scotto, Detectives Endowment Association; Edwin Mullins, Sergeants Benevolent Association; Anthony Garvey, Lieutenants Benevolent Association; and John Driscoll, Captains Endowment Association.

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