Virginia State University, Petersburg, is searching for a firm to develop and implement an investment approach for managing a portion of its endowment, said an RFP on Virginia's procurement website.
Further information could not immediately be learned.
The RFP noted approximately $14.5 million is being withdrawn from the Richmond Fund, managed by Spider Management Co., to comply with the U.S Department of Education restrictions on real estate investments.
As of June 30, 2014, the university's $26 million endowment had an asset allocation of 23.4% domestic equity, 17% international equity, 15.9% “opportunistic” assets, 11.5% global equity, 9.5% “multistrategy” assets, 8.2% credit, 7.5% real assets, 4.4% cash and 2.6% real estate, according to its most recent annual report.
The RFP is available on Virginia's state procurement website. Registration is required.
The deadline for proposals is 3 p.m. EDT on Aug. 6. A timeline for a hiring decision was not disclosed.
A senior buyer in the university's purchasing department could not immediately be reached for additional information.