Lexington (Mass.) Retirement System is issuing RFPs for a manager to run $6 million to $8 million in high yield, with a small amount of emerging markets flexibility, and a TIPS manager to run $2 million, said John Haggerty of Meketa, consultant for the $75 million pension plan. Instructions for obtaining copies of the RFPs are available at www.mppf.org; proposals are due June 13.
Colorado Fire & Police Pension Association, Greenwood Village, issued an RFP for two to four firms to provide transition management services, said William Morris, chief investment officer. Proposals are due June 23. Details are available on the $2.1 billion plan's website, at www.fppaco.org.
Massachusetts Pension Reserves Investment Management Board, Boston, is searching for investment consultants in absolute return, capital markets, private markets and emerging alternative investments. The capital markets and private markets consultant searches are done every three years as part of policy, said Stan Mavromates, senior investment officer at the $26 billion fund. The incumbents - Wilshire Associates and Pathway Capital Management, respectively - are expected to rebid. The absolute-return and emerging alternative investment consultants are new. Proposals for the absolute return search are due June 26; the capital markets and private markets consultant proposals are due July 18; a due date for emerging alternative investment consultant proposals has not been set.
CalSTRS is searching for one or two private equity fund-of-funds managers to invest a total of $100 million with new and next-generation managers. Selected firms will construct and manage fund-of-funds portfolios with firms that have split from their current organizations, young firms raising money for their second institutional funds, and experienced funds or investors seeking institutional funding for the first time. Responses are due July 7. The search document is available at www.calstrs.ca.gov/contracts/PEIS2003.pdf. The $95 billion California State Teachers' Retirement System, Sacramento, has $4.6 billion invested in alternatives.
Chicago Park Employees' Annuity & Benefit Fund will search for private equity and real estate managers over the next several weeks as it implements a new asset allocation. The $570 million plan will allocate 5% of total assets in private equity, its first investment in the asset class, said Joseph Fratto, executive director. The real estate allocation rose to 10% from 5%. The plan's non-U.S. equity allocation rose to 12% from 7%; additional managers may be sought later, Mr. Fratto said. The plan's domestic equity allocation was cut to 38% from 43%, and fixed income was reduced to 35% from 45%. Ennis Knupp will handle the searches.
Otterbein College, Westerville, Ohio, is searching for an active domestic large-cap growth equity manager to run $10 million, said Stephen Storck, vice president for business affairs. Funding will come from reducing National City Bank's similar-style portfolio to $10 million; plan officials want two large-cap growth managers, Mr. Storck said. Officials at the $60 million endowment expect to make a selection in October. Asset Management Group is assisting.
Los Angeles County Employees Retirement Association, Pasadena, Calif., in mid-June will issue an RFP for a real estate manager for three hotels valued at $225 million, said Gloria B. Gil, senior investment officer, real estate. The manager will replace Lend Lease, which was terminated due to senior management turnover, Ms. Gil said. The $24 billion system in April terminated Lend Lease from a $442 million core real estate portfolio. Separately, the system will issue an RFI this summer for a general consultant, said Lisa Mazzocco, principal investment officer, equities. Frank Russell, the $24 billion fund's current general consultant, can rebid.
Ball State University Foundation, Muncie, Ind., is considering adding venture capital and private equity investments, and might start investing in hedge funds, said David Bahlmann, president and chief executive. Officials for the $110 million foundation are conducting a comprehensive review based on a new strategic investment policy, and will begin making decisions about changes at the June 27 board meeting, he said. DeMarche Associates is consultant, but plan officials may hire additional consultants to assist, Mr. Bahlmann said.
University of Akron, Akron, Ohio, might increase the hedge fund allocation for its $107 million foundation and $48 million endowment, said Brian Davis, associate vice president. Deutsche Bank Alex. Brown runs $2 million in a hedge fund of funds for the university, Mr. Davis said. University officials will conduct informal interviews by the end of the fourth quarter.