Chicago Municipal Employees' Annuity and Benefit Fund is searching for an active domestic midcap growth equity manager, according to an RFP posted on the $4.5 billion fund's website. Chief Investment Officer Jim Mohler said in an e-mail that the target range for the manager is $75 million to $100 million. A final figure will be determined when the firm is chosen, he said. “The purpose of the search is to diversify the fund's domestic equity investments and complement existing managers within the asset class,” the RFP said. Mr. Mohler said last month that funding for the investment would come from large-cap equities, which makes about 19% of fund assets. Consultant Marquette Associates is assisting. The RFP can be found at http://www.meabf.org. Proposals must be sent to James Wesner, Marquette Associates, 180 N. LaSalle St., Suite 3500, Chicago, IL 60601 and via e-mail to [email protected] Proposals are due at 5 p.m. CDT Aug. 12. A selection is expected by Sept. 20, according to the RFP.
New Mexico Public Employees Retirement Association, Santa Fe, issued an RFP for an active international developed markets large-cap value equity manager to run $150 million, said Robert Gish, chief investment officer of the $9.66 billion association. Funding will come from cash. The RFP is on the association's website at www.pera.state.nm.us. Proposals must be submitted via e-mail to PERA's consultant, R.V. Kuhns, at [email protected] Responses are due Aug. 21. The board is expected to make a selection within 120 days, Mr. Gish said.
East Sussex County Council Pension Fund, Lewes, England, is searching for at least three managers to run a total of up to £850 million ($1.4 billion). The £1.5 billion fund is looking for one or two active global equities managers to run £200 million to £300 million each and outperform the MSCI All Country World index by 200 to 400 basis points. The fund also seeks a “traditional multiasset absolute-return” manager to run about £150 million with a performance target of the three-month LIBOR plus at least 300 basis points over rolling three- to five-year periods, and a manager to run up to £100 million in a “segregated U.K. multimanager property” mandate, according to separate postings on Tenders Electronic Daily. Further information was not available. John Shepherd, pension fund accountant, referred questions to Hymans Robertson, the fund's investment consultant that is assisting in the searches. David O'Hara, a consultant a Hymans Robertson, declined to comment. Responses to the global equities and absolute return searches are due Aug. 24, while responses for the real estate search are due Sept. 8. Further information is available by sending an e-mail to [email protected]
Keva, the Local Government Pensions Institution of Finland, Helsinki, is searching for four transition managers. The e20 billion ($28 billion) fund will use the four managers on an as-needed basis, according to Tenders Electronic Daily. Mercer, the fund's investment consultant, is assisting. Proposals are due Sept. 3. Further information is available by sending an e-mail to [email protected] Calls to the plan where not returned by press time. Nicolai Berg, Nordic head of investment consulting at Mercer, declined to provide further details, citing company policy.
Milwaukee City Employes' Retirement System soon will search for private equity managers for its new 5% allocation, the result of a recently completed asset allocation study. Infrastructure investments will make up part of the private equity allocation, said Thomas Rick, the plan's chief investment officer. Mercer, the plan's consultant, will start educating the investment committee of the $3.8 billion fund about different private equity investment strategies over the next couple of months, and Mr. Rick said manager searches likely will follow. After private equity managers are found, plan staff and the consultant will begin trustee education and manager searches to fill a 3% allocation to hedge funds and commodities, also new. The fund's new asset allocation cuts its equity target to 57% — 25% domestic, 22% international and a new 10% allocation to global — from the previous 65% target, with 45% domestic and 20% international. Existing equity managers' portfolios might be reduced, but no manager terminations are planned, he said. Mr. Rick said contract negotiations are under way with two global equity managers who each will manage about $190 million; he would not name the two finalists. The fixed-income target allocation remains at 28%, but Mr. Rick said the plan might add a fourth manager at the end of the year to increase diversification, with funding likely coming from the three incumbents. Real estate will remain at a 7% target allocation; no changes are planned, Mr. Rick said. After all manager changes have been made, Mr. Rick said the fund's investment committee will consider creating an opportunistic strategy allocation less than 2%.