Illinois Teachers’ Retirement System, Springfield, is searching for one or more managers to run between $450 million and $810 million of the pension fund’s $9 billion international equity portfolio.
Strategies sought include enhanced index, long-only and long/short extension strategies, such as 130/30 approaches, said search documents on the pension fund’s website.
While the $43.5 billion pension fund intends to hire one or more firms to manage an allocation between 5% and 9% of the international equity portfolio, if suitable candidates aren’t found during the search, TRS staff “may instead allocate the capital among existing mandates,” the search documents said.
Eight firms currently split management of TRS’ active large-cap international equity portfolio. During a board meeting last week, trustees approved the staff’s recommendation to reduce Aberdeen Asset Management’s active large-cap international equity allocation by $300 million to $500 million.
The pension fund’s general investment consultant, RVK, is handling the search. Manager information will be taken from the eVestment online database. Managers have to express interest by Jan. 8. Finalists likely will be presented to trustees for final selection at the board’s June 23-24 meeting.