Chicago Public School Teachers’ Pension and Retirement Fund issued an RFP for an emerging manager to run $25 million to $50 million in domestic core fixed income.
Eligible managers must have less than $10 billion in total assets under management and be certified under Illinois statute as a minority, women or disabled-owned business enterprise, according to the RFP on the $9.5 billion fund’s website, http://www.ctpf.org.
Proposals are due May 17; the fund’s board plans to make a selection June 15.
Mercer is assisting.
The fund is conducting the search as part of an effort to have 15% of its approximately $2 billion in fixed income managed by such emerging managers, Kevin Huber, executive director, said in a statement. Currently, 5% of the portfolio is managed by emerging managers.
Funding for the new manager hasn’t been determined but likely will come from an index fund, depending on asset allocation at the time of transition, he added in the statement.