Indiana Public Retirement System, Indianapolis, is searching for active commodity managers, according to an RFP posted on the $24.1 billion fund's site.
“It is expected that multiple managers with different investment styles will be retained,” according to the RFP, although it doesn't state how many managers are being sought or how much each will run.
INPRS has an 8% target allocation to commodities, or about $1.6 billion.
The selected firm should provide beta exposure to the commodities asset class and must have a minimum of $1 billion in total commodity assets under management, according to the RFP.
The RFP is available on the retirement system's website. Proposals are due at 3 p.m. EDT May 1. A hiring decision is expected sometime in June. The contract is for five years with options that could take it to a maximum of 10 years.
Jeff Hutson, the retirement system's chief communications officer, did not return a telephone call and e-mail by press time for additional information.