Public Employees' Retirement System of Mississippi, Jackson, issued RFPs for a tactical asset allocation manager and a global all-cap equity manager to handle $75 million each, said Frank Ready, executive director of the $17.5 billion fund. The firms chosen will be the first for the plan's alpha fund, established to allocate up to 5% of the $9.24 billion equity portfolio to new, alpha-producing strategies. The RFPs are available at http://www.pers.state.ms.us/rfp_index.html and do not specify deadlines for proposals, but the fund is close to closing both searches, he said. Plan officials will likely make selections in June.
Separately, fund officials will review private equity strategies over the course of the year for possible first-time investments, Mr. Ready said. The state Legislature recently approved a bill allowing the system to invest in private equity. A target allocation has not been set; "the statute allows us to invest up to 10% to private equity, but I doubt it will be that high," Mr. Ready said. "Right now it's way too premature to say what it will be." Callan Associates is assisting.