Illinois State Universities Retirement System, Champaign, will search for emerging managers to run a total of $150 million in active domestic equities, said Daniel L. Allen, chief investment officer at the $13.1 billion system.
SURS plans to post an RFP on its website, http://www.surs.org, in July. It expects to make a decision on hirings in December.
To qualify for the search, managers must be minority- or woman-owned or owned by a person with a disability and have between $10 million and $10 billion in assets under management.
The move will increase by almost 75% the system’s existing $207 million allocation to active domestic equity run by emerging managers, Mr. Allen said. The program is being expanded because of its success, he added.
The RFP will be open to active domestic equity investment styles and won’t limit the search to any in particular, Mr. Allen said. System staff will determine styles depending on the responses and the fund’s allocation strategy.
Funding could come from a segment of domestic equity decided when the new assignments are determined, Mr. Allen said.
The staff is leading the search, while Ennis Knupp, the system’s consultant, is assisting Mr. Allen said.