Chicago Metropolitan Water Reclamation District Retirement Fund plans to issue an RFP Monday for emerging domestic equity managers to run about $26 million each, or 2% of the pension fund’s total assets, said Susan Boutin, executive director.
The $1.3 billion pension fund expects to hire one active domestic small-cap core equity manager and one active domestic midcap growth equity manager to “to fill holes” in the pension fund’s existing emerging manager program, Ms. Boutin said.
The pension fund defines emerging managers as minority-owned, female-owned or a business owned by a person with a disability.
Funding sources have not been determined.
The RFP will be available on the pension fund’s website. Proposals will be due May 27, with a potential hiring decision on July 22.
As of Dec. 31, six emerging equity managers ran about $100 million total for the pension fund.