Alabama Trust Fund, Montgomery, is searching for multiasset managers to run between $75 million and $150 million.
The size of the allocation is dependent on whether the mandate is awarded to one or two managers, said the RFP.
The Alabama Trust Fund is a $3.2 billion sovereign wealth fund from the state's oil and gas royalties.
Managers must manage at least $2 billion in discretionary multiasset strategies as of June 30 to be considered. They must also have at least five years' experience managing multiasset-class portfolios.
Callan, investment consultant for the state trust fund, is assisting with the search.
The RFP is available on the trust fund's website. Proposals are due by 5 p.m. EDT Oct. 12. A selection date was not disclosed.
State Treasurer Young Boozer and Annoesjka T. West, Callan senior vice president, did not immediately respond to requests for comment.