Illinois State Universities Retirement System, Champaign, next month will consider searching for at least one emerging manager to run a total of about $30 million in active domestic equities, according to Daniel L. Allen, chief investment officer.
Mr. Allen plans to recommend the search at the June 10 investment committee of the $13.2 billion pension fund’s board. The full board meets June 11.
If authorized, the RFP would be “broad in nature” in terms of investment style and number of managers that could be hired, Mr. Allen said in a statement. “Staff will review the existing portfolio and develop a plan of how to break out the mandates,” he said.
To qualify, managers must to be minority- or woman-owned, or firms owned by a person with a disability, and must have from $10 million to $10 billion under management.
“SURS will consider hiring more than one manager if premier managers arise,” the statement said. “Also, existing (emerging) managers are welcome to bid. We will also consider increasing allocations of existing (emerging) managers who have performed well to date for SURS.”
Funding would come from a segment of domestic equity that would be decided later when the emerging manager allocation is determined.