University of Illinois Board of Trustees, Urbana, issued an RFI for a firm to develop an emerging manager of managers program for its endowment, according to a posting on the university’s website.
The board recently approved creating a 7% allocation, or about $36 million, to an “opportunity fund” within its $510 million endowment pool.
The selected firm that will run the fund of funds does not have to qualify as a minority, women- or disable-owned business enterprise, but the strategy will be MWDBE-oriented, according to the RFI.
The university prefers separate accounts but will consider commingled strategies as well.
The RFI will be conducted in multiple phases. Respondents that qualify after the first phase will be invited to complete the “Phase II” questionnaire, according to the RFI. No further details were provided or a timeline.
The RFI is available on the university’s website. Proposals are due at 2 p.m. CST Feb. 19.
Spokeswoman Jessica Hampson could not be reached by press time for additional information.