Indiana Public Employees' Retirement Fund, Indianapolis, issued an RFP for a cash overlay manager for up to $200 million, to bring the cash exposure of the $16.1 billion fund closer in line with its strategic investment allocation, according to Jeffrey D. Hutson, director of communications. It would be the fund's first cash overlay, Mr. Hutson said. The overlay would involve cash held as part of equity and fixed-income investment management processes, as well as cash held by the fund to meet commitments for private equity and real estate capital calls and benefit payments, according to the RFP.
The fund's allocation targets are 40% domestic equity, 15% each in core fixed income and international equity, 10% global equity, 8% private equity, 5% TIPS, 3% real estate, and 2% each to commodities and absolute return.
The RFP is available on the fund's website, www.state.in.us/perf.
Proposals are due March 16, and a selection is expected the week of April 23.