As for Bogue, he co-founded Montara Capital Partners, which is a real estate private equity fund, and was previously a law partner at Virtual Law Partners, and serves on the various educational boards in Silicon Valley.

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Their competence and duty to advise seemingly encompasses anything a fund may encounter- asset allocation, manager and fund performance, personnel turnover at managers, real estate, private equity, international and emerging markets, hedge funds, fund of funds, brokerage-everything but consultant-related issues.

FORBES: The Duty To Investigate Pension Consultant Conflicts (September 1, 2001)

But there is a limit to how much TPG's global private-equity fund will commit to real estate.

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Mr. Wang said long-term investments, including direct investments, private equity, infrastructure and real estate, now account for more than half of the fund's global portfolio, with the rest in public-market securities.

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Consultants can and do cut deals with hedge funds, private equity firms, funds of funds, real estate managers, custodians and anyone else they recommend to their fund clients.

FORBES: The Duty To Investigate Pension Consultant Conflicts (September 1, 2001)