Illinois Teachers’ Retirement System is searching for a large-cap core equity manager to run between $270 million and $540 million of the pension fund’s $9 billion U.S. equity portfolio.
Rather than issue a traditional RFP, investment staff of the $44.5 billion Springfield-based pension fund instead are requesting active, enhanced index and long/short (130/30) U.S. large-cap core equity managers to submit strategy information as of Dec. 31 to eVestment’s database by Jan. 27.
TRS’ online external manager candidate profile is available on its website. Interested firms should inform the pension fund’s investment consultant, RVK, of their interest by e-mail, TRS’ website said. A hiring decision will likely be in May or June, the document said.
A funding source was not provided.
Separately, TRS issued an RFP for a private equity consultant as well.
The search is required because the contract of incumbent TorreyCove Capital Partners expires June 30. TRS is required to rebid contracts every five years. TorreyCove is permitted to rebid.
Responses are due by 2 p.m. CST on Jan. 30. Trustees will make a hiring decision during their May 20–22 meeting, according to the RFP.
The pension fund’s private equity portfolio totaled $5.1 billion, or 11.4% of plan assets, as of Sept. 30.