Texas Municipal Retirement System, Austin, is searching for its first real-return and absolute-return consultant, said an RFP posted on the $22.96 billion pension fund's website.
Interested firms can apply for one or both positions.
The pension fund has a 5% target allocation to absolute-return strategies. Within this allocation, investments may include but are not limited to, hedge funds of funds, multistrategy hedge funds and single-strategy hedge funds, the RFP said.
Earlier this year, the pension fund hired Blackstone Alternative Asset Management to run $1.1 billion in a customized hedge fund-of-one strategy and expects to hire one additional manager “at the appropriate time,” the RFP said.
The pension fund also has a 5% target allocation to real-return strategies. Within this allocation, investments may include Treasury inflation-protected securities, master limited partnerships, listed and unlisted infrastructure, farmland, timberland, real estate, REITs, commodities, mining, floating-rate lending strategies and agribusiness, the RFP said. The pension fund has $1 billion invested in real-return strategies and expects to hire one additional manager “at the appropriate time,” the RFP said.
The RFP is available on the pension fund's website.
Proposals are due by 4:30 p.m. CDT on July 18. A hiring date was not specified.
Texas Municipal spokesman Bill Wallace could not immediately be reached by press time.
