Louisiana Teachers' Retirement System, Baton Rouge, amended its search for an active international small-cap equity manager to allow bids from managers of commingled funds as well as separate accounts, said Bonita Brown, system director. When the $12.4 billion system released the RFP in January, it was not accepting commingled fund proposals, but the board later determined the expected size of the mandate - about $100 million - may not justify the expense of a separate account, Ms. Brown said. International small-cap equity will be a new asset class for the system, and funding will come from cash and rebalancing, Ms. Brown said.
Due to the change, the deadline for proposals was extended to 4:30 p.m. CST March 18; it had been Feb. 25. The board expects to make a selection in June. Holbein Associates is assisting.