Texas Employees' Retirement System, Austin, is searching for active international small-cap equity managers, said Betty Martin, director of investment services, in an email.
The $27 billion pension fund issued the RFP because it is a "new allocation," Ms. Martin said. She said the portfolio size will be evaluated during the process and existing managers with international small-cap capabilities are eligible to bid. She would not provide further information.
According to an updated investment policy document, emerging manager Legato Capital Management ran $150 million in active international small-cap equities as of Dec. 31, 2016. The pension fund has a 45% allocation to global equity, according to its website. Some 24% of the global equity is managed externally.
Proposals are due at 5 p.m. CDT on Oct. 27. A decision is expected in July 2018.
The RFP is available on the state's procurement website.