Key Takeaways
- • STRS Ohio has selected Callan as its new alternative investments consultant, according to PEI Private Equity.
- • Cliffwater, the incumbent consultant, chose not to apply to continue in the role, which the report describes as a rare step.
- • The appointment places Callan in an advisory role over STRS Ohio's alternative investment program.
- • The story was reported by Gregg Gethard and published on April 25, 2023.
Summary
STRS Ohio, the State Teachers Retirement System of Ohio, has selected Callan as its new alternative investments consultant, according to a report from PEI Private Equity published on April 25, 2023. The selection replaces Cliffwater, which had served in the role and which, according to the report, took the rare step of deciding not to apply to continue the position.
The report, written by Gregg Gethard, is brief and focuses on the consultant transition itself. Alternative investments consultants typically advise pension systems on the selection, monitoring and due diligence of private equity, private credit, real assets and hedge fund allocations, so the change in advisor is relevant to managers seeking exposure to the fund. The article does not disclose contract terms, fee arrangements, the size of STRS Ohio's alternatives portfolio or the timing of the handover.
An institutional investor reading this story should note that a pension system changing its alternatives consultant can signal shifts in the program's manager search and allocation priorities, although the source does not characterize any such changes. Further detail on the scope of Callan's mandate and any reasons Cliffwater declined to apply would need to be confirmed through the original reporting or STRS Ohio's board materials.
The report, written by Gregg Gethard, is brief and focuses on the consultant transition itself. Alternative investments consultants typically advise pension systems on the selection, monitoring and due diligence of private equity, private credit, real assets and hedge fund allocations, so the change in advisor is relevant to managers seeking exposure to the fund. The article does not disclose contract terms, fee arrangements, the size of STRS Ohio's alternatives portfolio or the timing of the handover.
An institutional investor reading this story should note that a pension system changing its alternatives consultant can signal shifts in the program's manager search and allocation priorities, although the source does not characterize any such changes. Further detail on the scope of Callan's mandate and any reasons Cliffwater declined to apply would need to be confirmed through the original reporting or STRS Ohio's board materials.
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