Town of Falmouth (Mass.) Contributory Retirement System issued an RFP for a private equity manager to run up to $1.5 million, according to consultant Wainwright Investment Counsels website. Officials of the $75 million fund will consider funds of funds, secondary funds of funds and direct private equity funds. The RFP is available on consultant Wainwright Investment Counsels website at www.winvcounsel.com/rfp.html. Proposals are due by 2 p.m. EDT May 16. Kip St. Germaine, board administrator, was not able to provide additional details at press time.
Taunton (Mass.) Contributory Retirement System issued an RFP for an active domestic large-cap core equity manager to run $45 million, confirmed Executive Director Paul Slivinski. The funding source has not been specified. The $171 million fund has roughly $67 million committed to large-cap core equities. The RFP is posted on the Massachusetts Public Pension Forums website at http://mppf.org/searches.htm. Proposals are due by 3 p.m. May 29.
Salem (Mass.) Contributory Retirement System is searching for a core-plus fixed-income manager to run $22 million, a large-cap value equity manager to run $11 million and a private equity fund-of-funds manager to run up to $3 million. The RFPs are posted on the Massachusetts Public Pension Forums website at http://mppf.org/searches.htm. Proposals for all three are due by 3 p.m. EDT May 29. Marcia Pelletier, executive director of the $83 million plan, was not available by press time. Segal Advisors is assisting.
CalSTRS issued RFPs for one or more managers of emerging managers for its fixed-income and domestic equity developing managers program, according to a news release. No portfolio size was set. The $162.2 billion California State Teachers Retirement System, Sacramento, currently invests $1 billion with developing managers any manager with less than $2 billion in assets under management through FIS Funds Management, Northern Trust and Russell Investment Group. The RFPs are available at the funds website, www.calstrs.com/rfp. Proposals for both searches are due May 30. Sherry Reser, spokeswoman at CalSTRS, could not be reached before press time for details.
Cambridge (Mass.) Retirement System issued an RFP for a private equity fund-of-funds manager to run $10 million, according to Anne Leduc, executive director of the $710 million pension plan. Funding will come from cash, Ms. Leduc said. The plan has a 5% private equity target and about 2% of assets committed. The RFP is available by e-mailing Carol Tam, a consultant with Segal Advisors, at [email protected] Proposals are due by 3 p.m. May 30.
New York City Employees Retirement System and the New York City Teachers Retirement System issued a joint RFP for an activist investment manager, according to the New York City Retirement Systems website. Joseph Haslip, assistant comptroller, did not return calls seeking additional information. Officials of the $38 billion employees fund and the $33.9 billion teachers fund will consider U.S., international and global equity strategies from firms with at least $50 million in institutional activist investments under management. Proposals are due May 30.
State-Boston Retirement System is searching for hedge fund-of-funds managers to run up to $280 million, with a maximum allocation of $80 million per manager, confirmed Robert Tierney, executive officer. The $4 billion pension plan has about $140 million invested in hedge funds and is trying to get closer to its target allocation of 5% to 7% of assets. Plan officials have not decided how many managers will be added. Funding will come from a general redistribution of assets. New England Pension Consultants is assisting. The RFP is available on the Massachusetts Public Pension Forums website at http://mppf.org/searches.htm. Proposals are due by 4 p.m. EDT May 31.
Texas Municipal Retirement System, Austin, issued an RFI for a general investment consultant. The $13.1 billion fund is seeking a firm to provide general investment policy services, as well as portfolio structure, asset-liability and manager search selection and oversight services. The RFI is available at: www.tmrs.org/down/RFI_invest_consult.pdf. Responses are due May 31. Gary Craig, director of investments, could not be reached for further details.
Pittsfield (Mass.) Contributory Retirement System issued an RFP for two large-cap equity managers, one growth and one value, to run $18 million each, and a value-added real estate manager to run $4 million. The RFPs are posted on the Massachusetts Public Pension Forums website at http://mppf.org/searches.htm. Proposals for all are due by 3 p.m. EDT May 31. Karen Lancto, executive director for the $92 million fund, referred all questions to consultant Segal Advisors. Segal Senior Associate Rosemary Guillette did not return a call for comment.
Hampden County Board of Retirement, Springfield, Mass., is searching for two large-cap equity managers to run $35 million each, one for growth and one for value. The RFPs are posted on the Massachusetts Public Pension Forums website at http://mppf.org/searches.htm. Proposals are due by 3 p.m. EDT May 31. Julianne Bartley, executive director of the $200 million plan, was not able to comment further.
Essex Regional Retirement System, Danvers, Mass., is searching for a core or core-plus fixed-income manager to run $50 million. The RFP is available on the Massachusetts Public Pension Forums website at http://mppf.org/searches.htm. Proposals are due by 3 p.m. EDT June 1. Timothy Bassett, chairman and executive director for the $238 million fund, was not available for comment at press time.
Illinois State Universities Retirement System, Champaign, plans to search for enhanced domestic equity index managers to run a total of $500 million, said Chief Investment Officer Daniel L. Allen. The $15.5 billion system, which could hire more than one manager, hasnt determined the benchmark, but it could be the Russell 3000, Mr. Allen said. The source of the funding hasnt been decided, but it could come from the $2.4 billion in Wilshire 5000 index assets managed by Northern Trust or the $460 million also managed passively to the index by BGI, Mr. Allen added. Fund officials expect to issue an RFP later this month. Ennis Knupp is assisting.
Loudoun County Deferred Compensation Program, Leesburg, Va., issued an RFP for a record keeper for its combined $66.7 million 457 plans, according to its website. Incumbent Nationwide Retirement Solutions may rebid. H. Roger Zurn Jr., treasurer, did not return calls seeking additional information. The RFP is available at www.co.loudoun.va.us/cgi-bin/rfppost.pl. Proposals are due June 1.
Texas Prepaid Higher Education Tuition Board, Austin, issued an RFP for a 529 plan manager for the states Tomorrows College Savings Plan. The plan, with about $207 million in assets, is managed by Enterprise Capital Management, said William Clay Harris, assistant general counsel for contracts at the comptroller of public accounts department. The RFP can be downloaded at http://esbd.tbpc.state.tx.us/docs/304/70408_1.doc. Proposals are due June 5.
Los Angeles County Deferred Compensation Program will search next month for investment custodial services for its $4.5 billion 457 and $1.2 billion 401(k) plans, said Teresa Gee, administrator. The incumbent custodians are Mellon Global Securities Services for the 457 plan and Wells Fargo for the 401(k) plan. Both firms will be encouraged to rebid. Plan officials are issuing an RFP because its been 10 years since the last search.
Teachers Retirement System of Louisiana, Baton Rouge, plans to commit between $450 million and $600 million to private equity this year, said Phil Griffith, deputy chief investment officer. It will hire five to seven funds, bringing the $14.7 billion systems combined target corporate finance and venture capital allocation to 10% from the current 8% commitment. Funding will come from cash. Fund officials also plan to make additional commitments of $200 million to $300 million to real estate and $50 million to $100 million to mezzanine debt this year by the end of the year. Funding will come from reducing domestic and international equity allocations, but its too soon to know which portfolios will be affected, Mr. Griffith said.
Minnesota State Board of Investments, St. Paul, is considering increasing its private equity allocation to 12.5% of assets from about 10%, said Howard Bicker, executive director. The board, which oversees $60 billion in state pension assets, is also considering a dedicated or separate European private equity allocation, Mr. Bicker said. If implemented, the strategy would be the boards first private equity investment to focus on a region outside of the U.S. Current private equity managers are allowed to invest in non-U.S. companies, but the portfolio is dominated by U.S. buyouts. No further information was available.
Colorado Public Employees Retirement Association, Denver, will likely search for a custodian. According to minutes of the $36 billion funds March 16 board meeting, posted on the funds website, an ad hoc committee was to be formed to develop RFP criteria. Northern Trust is the incumbent global custodian. Spokeswoman Katie Kaufmanis declined to comment.