North Carolina Retirement Systems, Raleigh, issued an RFP for a private equity manager to run up to $250 million in an economically targeted fund for “investment opportunities with significant operations in North Carolina,” according to the RFP. Managers must have at least $1 billion in assets under management and have “significant” operations in North Carolina, according to the RFP. Applications are due by 5 p.m. EST Dec. 1. A selection is expected on Dec. 8. Interested managers should contact Craig Demko, portfolio manager, private equity, at the North Carolina Department of State Treasurer, which serves as the sole fiduciary for the $66 billion plan. He can be reached by phone at 919-807-3122 or by e-mail at [email protected]. The RFP can be obtained at http://www.nctreasurer.com/NR/rdonlyres/7C1BA15F-99E9-46C8-8651-670D1F559809/0/InnovationFundRFP.pdf.
Essex County Council pension seeks investment consultant
Essex County Council Pension Fund, Chelmsford, England, is searching for an investment consultant, confirmed Martin Quinn, head of investments for the £2.9 billion ($4.8 billion) fund. The contract of incumbent Hymans Robertson expires April 30; the firm can rebid, Mr. Quinn said. Proposals are due Dec. 21. A selection is expected in the first quarter of 2010. Further information is available via e-mail to [email protected]. “It would be reasonably appropriate to undertake an asset allocation study immediately after” an actuarial valuation as of March 31, 2010, Mr. Quinn said.
RFIs for PE, real estate consultants set in Maryland
Maryland State Retirement and Pension System, Baltimore, issued RFIs for private equity and real estate consultants, said Robert Burd, the $32 billion system's managing director. The contract with the system's existing private equity consultant, Altius Associates, expires April 30, while the contract for real estate consultant Pension Consulting Alliance expires May 1, Mr. Burd said. Both can rebid. The RFIs are posted on the system's website, http://www.sra.state.md.us. Proposals are due at 4 p.m. EST Dec. 22 and selections are expected around May 1.
Strathclyde issued RFIs for at least one active real estate manager
Strathclyde Pension Fund, Glasgow, Scotland, issued RFIs for at least one active real estate manager to run up to 12% of the £9.1 billion ($15.2 billion) fund, according to Jacqueline Gillies, chief pension officer. Aberdeen Property Investors manages the fund's real estate portfolio, about 8% of assets, invested primarily in U.K. direct investments. The firm can rebid, Ms. Gillies said. Following an asset allocation review completed earlier this year, officials broadened the portfolio to potentially include up to £400 million each in a U.K. real estate fund of funds and a global real estate portfolio. The remainder of the portfolio will remain in a U.K. direct real estate strategy, she said. Strathclyde's target real estate allocation is 12%, Ms. Gillies said. Funding will partly come from cash; the source of the rest of the funding has not been determined. Proposals are due Dec. 23, and managers are scheduled to be appointed by May 2010. Further information can be obtained from investment consultant Hymans Robertson via e-mail at [email protected].
Nashville system to move into hedge funds
Metropolitan Government of Nashville (Tenn.) and Davidson County Employee Benefit Trust Fund plans to issue an RFP in December for a hedge fund manager to run a new investment of up to 10% of the system's $1.85 billion in assets, confirmed Fadi BouSamra, chief investment officer. The hedge fund allocation will be the system's first. The selected manager will also assist in developing a hedge fund policy for the system, Mr. BouSamra wrote in an e-mail response to questions. Funding will come from reducing the system's equity allocation, Mr. BouSamra said. “We do not expect any terminations as a result of this,” he wrote. There's no time line for a selection, Mr. BouSamra added.
Oklahoma Public Employees plans RFP for TIPS manager
Oklahoma Public Employees Retirement System, Oklahoma City, will issue an RFP for a TIPS manager in the coming weeks, confirmed Tom Spencer, executive director of the $5.7 billion system. He said fund officials will decide next month on the size of the allocation, its first in Treasury inflation protected securities, which hedge against inflation. “I think everybody is talking about possible inflation in the future,” he said. “No one knows if that is right around the corner.” He said funding will come from shuffling fixed-income investments. The fund's fixed-income managers — BlackRock, Hoisingtonand MetWest — will be invited to bid.
Risk analysis planned in Michigan
Michigan Municipal Employees' Retirement System, Lansing, will conduct a risk analysis of the $5.1 billion defined benefit plan next year to be used as the basis for a full asset allocation review, said Jeb Burns, chief investment officer. Results of the risk analysis are expected in March, and the asset allocation review is slated to be completed in July. The fund's investment staff conducts an asset review every five years. Mr. Burns said he “has some ideas” for the pension portfolio, but he would not elaborate on the possible changes, stressing that “everything is on the table.”
