New Mexico Public Employees' Retirement Association, Santa Fe, issued RFPs for its first small-cap value equity manager to run $200 million to $250 million.
Responses are due Oct. 16. Finalists are expected to be selected in mid-November.
Funding will come from rebalancing, said Robert Gish, director of investments for the $6 billion fund.
The fund will also issue RFPs sometime before January for an international equity manager to handle $700 million to $750 million. Incumbent Capital Guardian is expected to bid. More than one manager and more than one investment style may be implemented, Mr. Gish said.
Callan is assisting.