Santa Barbara County Employees' Retirement System on Wednesday is scheduled to decide whether to launch three RFIs — for a real estate separate account manager, intermediate government bond manager and a large-cap growth manager, according to the meeting agenda for the board of the $1.7 billion system.
All three searches would be invitation only; PCA, the fund's general consultant, will assist.
The real estate mandate is a fully discretionary separate account that would manage the current real estate portfolio of $53 million in invested assets and increase the portfolio to the system's 7% real estate allocation.
The bond manager portfolio would be about $50 million; the source of funding is unknown.
The large-cap growth account would be about $145 million; funding would come from an active all-cap growth portfolio that was managed by First Republic Investment Management, which was terminated in December, according to the agenda materials.
Separately, the board is scheduled to choose among three finalists for a small-cap growth mandate. The finalists are Columbus Circle Investors, Frontier Capital Management and Eagle Asset Management. The board had issued an RFI in the third quarter after deciding to replace OFII following the departure of that firm's small-cap growth team, which was responsible for the pension fund's portfolio.