Texas Permanent School Fund, Austin, opened a search on Thursday for firms to manage a total of $1.3 billion in local currency emerging markets debt, a new allocation for the $26.1 billion sovereign wealth fund.
TPSF will consider active and passive long-only investment approaches; hedge funds are not being sought for the assignment, according to the online RFP.
The number of investment managers sought for the mandate was not specified in the search documents. Managers selected will be awarded a five-year contract that expires Aug. 31, 2018, with a possible five-year extension.
The deadline for RFP submissions is 3 p.m. CDT March 12. Finalists will be interviewed July 17, with manager selection on July 19.