Illinois State Universities Retirement System, Champaign, is searching for an active U.S. small-cap growth equity manager to run between $50 million and $75 million.
The retirement system, which oversees $13.3 billion in defined benefit assets, wants the portfolio’s performance to exceed the return of the Russell 2000 Growth index, net of fees, over three to five years, according to the RFP, available at Illinois SURS' website.
The exact amount of the portfolio will depend “on then prevailing market conditions as well as asset allocation mix considerations within the overall” fund, the RFP states.
The retirement system increased its U.S. small-cap target allocation to 6% of total assets, from 4% earlier this year The source of the funding hasn’t been determined.
Proposals are due Jan. 6. The board could make a decision April 26.
Callan Associates, Illinois SURS’ investment consultant, is assisting.