Big news from the LP world, as we’ve learned that the $74 billion Washington State Investment Board has chosen Hamilton Lane as its new private equity consultant.
The pension system has around $13.5 billion in private equity assets, and had spent the past five years using Capital Dynamics (which, in turn, had taken over for Pacific Corporate Group).
In a statement sent over this morning, Capital Dynamics said two things of interest:
- That it has been “encouraged” by WSIB to remain active in portfolio and risk management assignments, and
- “We all recognize that no public institution can ignore significant potential for cost savings in the current environment.”
That last one is code for: Hamilton Lane offered to charge WSIB much less than we did…
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In unrelated Pacific Northwest LP news, the Oregonian on Saturday delved into the Oregon state pension system’s deep devotion to private equity.