Illinois Municipal Retirement Fund, Oak Brook, issued an RFP for emerging managers to run up to a total of $90 million in active U.S. microcap equities, according to Linda Horrell, communications manager for the $21.9 billion fund.
To be eligible for the assignment, managers have to be owned by a minority, women or people with a disability and have between $10 million and $10 billion in assets under management.
The IMRF board doesn’t know at this time how many managers it would hire, Ms. Horrell said.
Funding would come from reducing the $1.06 billion S&P 500/Citigroup Value Index fund and the $1.05 billion S&P 500/Growth Index fund, both managed by Northern Trust Investments.
The RFP is available at http://www.imrf.org.
Proposals are due May 28. The board expects to make a selection by Aug. 27.
Callan Associates is assisting.