Updated with clarification
Illinois State Universities Retirement System, Champaign, plans to issue an RFP in May for private equity fund-of-funds managers to manage a total $150 million commitment.
SURS, which oversees $16.4 billion in defined benefit assets, could hire more than one manager, W. Bryan Lewis, SURS executive director, said in an e-mail.
The RFP will be posted on SURS' website sometime in May, Mr. Lewis said. The due date for proposals is yet to be determined.
NEPC, SURS' investment consultant, is assisting with the search.
Separately, SURS committed $150 million to the Adams Street 2016 Global Fund, a private equity fund of funds managed by Adams Street Partners.
The move was made as part of SURS' plan to commit a total of $300 million to private equity this year, Mr. Lewis said.
SURS has invested a total of $480 million to 11 Adams Street funds, not including the new commitment.
SURS has a 5.7% actual and 6% target allocation to private equity.
In addition, SURS hired Gladius Capital Management to manage an equity index option overlay totaling $400 million in notional value, the system's first move in the strategy. “SURS views the strategy as an income enhancement tool,” Mr. Lewis said.
The Gladius hiring was the result of an RFP issued last November. NEPC assisted.