Wisconsin pension hires StepStone

PCG spin-out StepStone will manage the State of Wisconsin Investment Board’s specialised private equity fund investments.

Californian advisor StepStone Group has retained its fourth client, having won a contract to manage specialised private equity fund investments for the State of Wisconsin Investment Board.

StepStone will identify funds that have specific geographic, industry or investment structure focus for the $93 billion US pension, whose $87 billion Wisconsin Retirement System allocates 5 percent of its portfolio to private equity and debt.

The WRS is the ninth largest US public pension fund and the 22nd largest public or private pension fund in the world.

Founded earlier this year by former senior executives from Pacific Corporate Group, StepStone also advises the Kuwait Investment Authority, the George Kaiser Family Foundation and the Los Angeles Fire and Police Pensions.