Iowa Public Employees’ Retirement System, Des Moines, hired Fortifinancial to provide operational due diligence to evaluate potential managers for a $700 million notional value liquid absolute-return strategy overlay, said Karl Koch, chief investment officer, in an e-mail.
The hiring is pending contract negotiations.
IPERS, which oversees $27.7 billion in assets, plans to use the strategy as an overlay on the fund’s cash allocation, currently $280 million.
The hiring is the result of an RFP issued in January.
