Colorado Public Employees' Retirement Association, Denver, issued an RFP for a private equity manager to run $25 million to $50 million in an in-state investment fund, confirmed Katie Kaufmanis, spokeswoman.
The $38.3 billion defined benefit plan is looking for a manager to provide a strategy where PERA can invest in private equity and venture capital opportunities that is linked with Colorado, according to the RFP.
The mandate is new; funding will come from cash within the existing alternatives budget, Ms. Kaufmanis said.
Interested firms must demonstrate that the principal operations of the fund would be in the state or have a substantial connection to the state, according to the RFP. Acceptable private equity or private market debt-oriented investment strategies include a mix of partnership interests, direct portfolio investments, co-investments and specialized fund-of-funds investments.
Colorado PERA has a 9% allocation to alternatives, or about $3.4 billion.
Hewitt EnnisKnupp is assisting with the search.
The RFP can be obtained by e-mailing consultant Rob Parkinson. Proposals are due at 4:30 p.m. MDT April 6. Finalist interviews will start April 9 with a hiring decision anticipated on June 1.