Illinois State Universities Retirement System, Champaign, issued an RFP for active domestic small-cap and midcap core equity managers owned by minorities, women and the disabled.
Each manager hired by the $12.9 billion system could receive $10 million to $30 million in funding, according to the RFP, posted on the system’s website, http://www.surs.org.
“The funding level will be dependent on then prevailing market conditions as well as asset-allocation mix considerations within the overall manager development program,” which promotes emerging managers, according to the RFP.
Proposals are due Dec. 15. The SURS board expects to make a decision March 8.
SURS staff is overseeing the search.
Daniel L. Allen, chief investment officer, couldn’t be reached for further details.