Taunton (Mass.) Contributory Retirement System issued an RFP for a private equity fund-of-funds manager to run $3 million, according to a posting on the Massachusetts Public Pension Forum’s website. The fund did not have any private equity investments as of Dec. 31, according to its website. Paul Slivinski, executive director for the $171 million fund, was not available for comment at press time. Consultant Segal Advisors is assisting. The RFP can be viewed at http://mppf.org/searches.htm. Proposals are due at 3 p.m. EDT March 29.
Brookline (Mass.) Retirement System issued an RFP for one or two active domestic small-cap core equity managers to run a total of $18 million, confirmed Frank Zecha, director. No source of funding has been identified. The $216 million plan has $15 million in small-cap core now, run by T. Rowe Price. The RFP is available on consultant Meketa Investment Group’s website, at www.meketagroup.com/mgrCenter.php. Proposals are due by 4 p.m. EDT March 29.
CalSTRS issued an RFP for a consultant for the fund’s $9.4 billion alternative investments portfolio, which is currently invested solely in private equities. In addition to traditional private equity investments, the consultant will need to be familiar with hedge funds, infrastructure projects, commodities, natural resources and other alternative areas in which CalSTRS officials have signaled interest. The $157.9 billion California State Teachers’ Retirement System plans to increase its alternatives portfolio to 9% of total assets from 6% in the next several years. Incumbent McKinsey & Co. is eligible to rebid on the contract, which is for three years with two optional one-year extensions. The RFP can be found at www.calstrs.com/rfp. Proposals are due March 30.
London Borough of Enfield Pension Scheme is searching for up to two active currency managers to run a total of £26 million ($51 million), preferably through the use of pooled funds, said Paul Reddaway, pension fund manager. Funding will come from cash reserves. “This is to further diversify our portfolio,” said Mr. Reddaway. It’s the £520 million pension fund’s first foray into active currency. Proposals are due April 10 and can be obtained through investment consultant Hewitt Associates.
Alameda County Employees’ Retirement Association, Oakland, Calif., plans to seek a quantitative international equity manager to run 20% of the fund’s $1.3 billion international equity allocation. The $5.2 billion fund will seek a quant manager with a core approach, said Patrick Thomas, vice president at Strategic Investment Solutions, Alameda County’s consultant. An RFP will be issued in the next few months, but no timetable has been set for hiring, he said. Funding will come from international equity managers Capital Guardian and Mondrian Investment Partners. CapGuardian’s growth-oriented portfolio will be trimmed to 45% of the international equity allocation from 55%, while value-oriented Mondrian will be cut to 35% from 45%.
Northumberland County Council Pension Fund, Morpeth, England, plans to issue an RFP in the next few months for one or two active global equity managers to run a total of £80 million ($157 million), senior accountant Clare Gorman said. The portfolio had been managed by Capital International, which was terminated because of performance, Ms. Gorman said. Simon Levell, Capital spokesman, declined to comment. Watson Wyatt Worldwide advised.
Cincinnati Retirement System is adding real estate, infrastructure and long/short equity as part of a new asset allocation for the $2.6 billion pension fund, confirmed John Walsh, the fund’s investment officer. The system set a 7.5% target for real estate and 5% each to infrastructure and long/short equity as well as 5% for private equity. Domestic equities will be cut to 43.5% from 52.7%, international equities will be trimmed to 17% from 17.3%, and fixed income will be reduced to 17% from 28.3%. The remaining 1.7% under the old allocation was in alternative investments and cash. Mr. Walsh said the target allocations will take at least 18 months to fill. On March 8, the board will interview managers for an $80 million private equity assignment, Mr. Walsh said. An invitation-only search was conducted; Mr. Walsh declined to identify the candidates. Marquette Associates assisted. Mr. Walsh said searches for real estate, infrastructure and long/short equity managers will be conducted later this year.
