Illinois State Universities Retirement System, Champaign, is searching for two or more active global equity managers to run a total of $800 million. The managers would have a broad mandate for both developed and emerging markets, benchmarked against the MSCI All-Country World index, and would have to comply with the Illinois Sudan and Iran divestment statutes. The incumbents Wellington Management, which runs $420 million, and Capital Guardian, $350 million can rebid. Ennis Knupp, consultant to the $16.13 billion fund, is assisting. The RFP is available at www.surs.org, and proposals are due Jan. 9.
Overland Park (Kan.) Police Department Retirement Plan issued an RFP for a manager to run $2 million to $3 million in an emerging markets equity commingled fund, said David Lee, director of manager research and principal at Dahab Associates, which is assisting in the search. The benchmark will be the MSCI Emerging Markets index. Funding will likely come from Overland Parks $5 million investment in the American Funds EuroPacific Growth Fund, said Mike Russo, manager of the $50 million pension fund. The move is being made for diversification. The RFP is available at dahab.com/searches.html. Proposals are due by 5 p.m. CST Jan. 14. Questions should be directed to Mr. Lee at 631-665-6181 or [email protected]
Maryland-National Capital Park and Planning Commission Employees Retirement System, Riverdale, is searching for a manager to run $25 million in a domestic large-cap equity short-extension strategy, according to an RFP on consultant Wilshire Associates website at www.wilshire.com. Proposals are due Jan. 18, according to the RFP. Andrea Rose, administrator of the $562 million fund, didnt return phone calls by deadline.
Rhode Island General Treasurer Frank Caprio issued an RFP for a general consultant for the $8.5 billion Employees Retirement System of Rhode Island, Providence. Incumbent Wilshire Associates is welcome to bid. The treasurer is conducting the search as part of a review of the plans professional relationships, said spokesman Peter Kerwin. Once the general consultant is selected, the state will issue RFPs for other consultants. The RFP is available on the treasurers website, www.treasury.ri.gov. Proposals are due by 4:30 p.m. EST Jan. 18.
London Borough of Enfield Pension Scheme issued an RFI for one or more managers to run a £25 million ($51 million) active pan-European real estate fund of funds, according to Paul Reddaway, head of treasury and pensions. The £550 million fund is dipping into ex-U.K. real estate for the first time to diversify its property portfolio, but current volatility in the property market might delay implementation. Funding will come from cash. Proposals are due Jan. 21. Further information can be obtained from investment consultant Hewitt, which is assisting.
City of Bethlehem (Pa.) Aggregated Pension Board issued an RFP for an active domestic large-cap growth equity manager to run about $13 million, confirmed Frank Burnette, the $130 million funds consultant at Morrison Fiduciary Advisors. Funding will come from terminating one manager and reducing the portfolios of other managers; Mr. Burnette declined to provide details, saying only that fund officials wanted a more dedicated large-cap growth manager. The RFP is available on Morrisons website at www.morrisonadvisors.com. Proposals are due by 4 p.m. Jan. 23. City officials could not be reached for further information.
Los Angeles County Employees Retirement Association, Pasadena, Calif., is searching for an emerging private equity fund-of-funds manager to invest $150 million over three years on a discretionary basis, said Christopher J. Wagner, senior investment officer, private equity. The expected annualized internal rate of return is the Russell 3000 index plus 300 to 500 basis points over 10 years, according to the RFP. The $42 billion system recently divided its $2.7 billion private equity program into two parts. Credit Suisse already serves as non-discretionary consultant to evaluate commitments with larger private equity and venture capital funds. New discretionary managers will run smaller private equity investments; a search for a second discretionary manager to run midmarket investments could be launched in the first quarter of 2008. The RFP is available on the associations website at www.lacera.com. Proposals are due Jan. 25. The board is expected to make a selection in the second quarter.
California State Teachers Retirement System, Sacramento, is searching for up to five consultants to help it tap emerging private equity managers, firms that are on their first or second fund offering, said spokesman Ricardo Duran. The consultants will serve as independent fiduciaries and help evaluate prospective partnerships submitted to CalSTRS by its fund-of-funds managers, Banc of America Capital and Invesco Private Capital. The funds will focus on domestic underserved and emerging markets. The $174 billion system invests $360 million with emerging private equity managers but expects the program to eventually grow to $1 billion, said Mr. Duran. The RFP is available on the funds website, and proposals are due Feb. 5.