Pennsylvania Turnpike Commission, Harrisburg, is searching for a hedge fund-of-funds manager and a core open-end commingled real estate manager to run $5 million each for its $100 million retiree medical trust, confirmed David Russell, director of manager research at Investment Performance Services, investment consultant to the commission.
Both are new allocations for the trust, a result of an asset-liability study performed by the consultant in June, according to Mr. Russell.
The trust’s current targets are 50% equities; 30% fixed income; and 5% each to commodities, hedge funds of funds, REITs and real estate.
Proposals are due at 4 p.m. EDT on March 16. The timetable for a selection has not yet been determined, but Mr. Russell said finalist presentations could take place in April.
Commission spokesman Bill Capone could not provide further information and a phone call to commission CEO Roger E. Nutt was not returned by press time.