Illinois State Universities Retirement System, Champaign, issued an RFP in a search for active commodities managers to manage a total of $350 million, the system's first such move into the asset class.
SURS, which oversees $17.5 billion in defined benefit assets, expects to hire two or more managers, according to the RFP.
The search is the outgrowth of an asset-liability study last year calling for a 2% allocation to commodities.
The RFP is available on the SURS website.
Proposals are due July 31. The board of trustees could make a decision Dec. 10.
NEPC, investment consultant for SURS, is assisting with the search.