Indiana State Police Pension Trust, Indianapolis, is searching for one or more managers to run $50 million in a conservative hedge fund-of-funds strategy, confirmed Ian Slatter, spokesman for state Treasurer Richard Mourdock.
The $388 million pension trust has a 30% allocation to alternatives — 18% toward appreciation-oriented hedge fund of funds and private equity, and 12% toward preservation-oriented hedge fund of funds, which includes active control debt and managed futures.
The $50 million mandate is currently held in a short-term investment fund, Mr. Slatter said.
Mr. Mourdock issued a “broad agency announcement” seeking a firm to manage assets in the conservative hedge fund of funds. Mr. Mourdock is the sole trustee for the pension trust. Mr. Slatter said a BAA was issued to seek a “broad response and a variety of ideas from the hedge fund community,” while an RFP tends to be more specific to an investment management style.
The BAA can be viewed on the Indiana treasurer's website.
Responses are due March 2. A hiring decision will be made by April 1, but Mr. Mourdock could reject all proposals, according to the BAA.
