Southwest Initiative Foundation, Hutchinson, Minn., issued an RFP for an outsourced investment provider to oversee $50 million of the foundation’s endowment portfolio.
The foundation, with $80 million in total assets, wants to shift to an OCIO model after receiving information from money managers, asset owners and academics about a variety of investment choices. It issued an RFI for such information in June.
The selected provider could be asked to assist with custodian selection, governance structure and investment policy, according to the RFP.
The RFP is on the foundation’s website, said Tom Brakke of TJB Consulting, the foundation’s investment consultant.
Proposals are due Jan. 8. The provider will be chosen during the first quarter and is expected to begin July 1.
The foundation is one of six regional independent community organizations in Minnesota. They were created in the 1980s by the Minneapolis-based McKnight Foundation, which manages $2 billion in philanthropic assets of the family of William L. McKnight, former president and CEO of 3M Co.
