Missouri pension seeks advisor for portfolio sale

The state employees’ retirement system is mulling a sale from its $2bn illiquid assets portfolio.

Missouri State Employees’ Retirement System (MOSERS) is seeking an advisor for the potential sale of fund stakes from its $1.9 billion alternative assets portfolio.

MOSERS wants to hire an investment consultant to sell either single fund interests or a portfolio of stakes in funds including private equity, private debt, real estate, energy, timberland and co-investments, according to a Request For Proposal (RFP).

The fair value of MOSERS’ illiquid portfolio was around $1.9 billion as of 30 June, according to its 2015 Annual Financial Report. The portfolio comprises stakes in 58 funds and includes vehicles managed by Blackstone, Bridgepoint, StepStone and JLL Partners.

MOSERS’ illiquid assets accounted for 22 percent of its portfolio as of 30 June, above its 20 percent target allocation. It was not clear if this was the motive for the sale, and MOSERS did not return a request for comment by press time.

Proposals must be received by 1 July and interested advisors should include details of their firm’s qualifications, fees charged and secondaries market insight, as well as other information.

MOSERS has $8.6 billion in assets under management.