Oklahoma Tobacco Settlement Endowment Trust, Oklahoma City, is searching for a master limited partnership or midstream energy infrastructure manager to run $50 million to $60 million.
NEPC, investment consultant to the $1 billion trust, is assisting with the search.
The selected manager is expected to outperform both a relevant benchmark and a peer group of comparable funds, according to the RFP. The benchmark will be jointly agreed to by the manager and the fund. Both separate accounts and commingled vehicles will be accepted.
The trust currently has no exposure to MLPs/midstream energy infrastructure strategies.
Funding for the mandate has not yet been decided by the board, said Tim Allen, spokesman for the Oklahoma state treasurer's office, which oversees the trust.
The RFP is available on NEPC's website. Proposals are due by 4:30 p.m. PDT April 30. The board is expected to interview finalists at its next regular meeting on June 20, said Mr. Allen.