CalSTRS issued RFPs for two investment pools for an equities manager-of-managers fund and opportunistic fixed-income managers, said documents posted on the $190.8 billion pension fund’s website.
The pension fund is seeking to establish a pool of managers to construct, manage and monitor a manager-of-managers fund made up of developing managers, said one of the RFPs. The fund would be made up of various equity strategies.
The California State Teachers’ Retirement System, West Sacramento, generally defines developing managers as having less than $2 billion in assets.
The pool would be used to replace firms that might be terminated in the future or to add firms as necessary.
In addition to the pool, the RFP said CalSTRS intends to award up to three contracts. The allocation sizes for those strategies will be determined by CalSTRS. More specific information was not provided.
Proposals are due at 2 p.m. PDT May 11. CalSTRS has yet to set a schedule for hiring decisions.
The other RFP seeks a pool of managers for opportunistic fixed income — core plus and high yield — that will be used to replace firms that might be defunded in the future or to add firms as necessary.
The managers will participate in a new pool, but the RFP said CalSTRS does not intend to fund any managers at this time.
Prospective managers must apply though the eVestment database by May 1 at 5 p.m. PDT.
It is expected that the manager pool selection process will conclude in mid-2015.
A spokesman could not provide additional information by press time.