FORTUNE — New York’s two largest state pension funds are switching their outside private equity consultants.
The biggest switch is for the New York State Common Retirement Fund, a $160 billion system that managed more than $14 billion in private equity assets through March 2013. NY Common has used LP Capital Advisors as its general private equity consultant since April 2011, last year paying out $1.82 million for its services. Now Fortune has learned that LP Capital Advisors is out, and that the system has instead hired Hamilton Lane, a Philadelphia-based consultant that had existing business with NY Common via a special situations fund managed by Hamilton Lane’s direct investing group.
The other change is by the New York State Teachers’ Retirement System, which had around $7.7 billion worth of private equity assets through the end of last June. It has hired Torrey Cove Capital Partners as its private equity consultant for a one-year term, according to the minutes of its April board meeting. StepStone Group had been the system’s private equity consultant since early 2008.
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