Ohio Police & Fire Pension Fund, Columbus, is conducting an invitation-only search for a derivatives overlay manager, confirmed spokesman Dave Graham.
The manager will provide portfolio rebalancing, transition management, cash equalization and underlying beta to the $9.7 billion plan's portable alpha program. The size of the portable alpha program could not be learned by press time.
The fund will interview three firms next month, according to Mr. Graham.
Separately, the fund's board on Wednesday voted to approve raising the plan's real estate allocation to 12% from 7.5% over the course of the next several years. The fund may invest an additional $50 million before the end of the calendar year, according to Mr. Graham.