Chicago Park Employees' Annuity & Benefit Fund is searching for one or more active international equity managers, said Dean Niedospial, executive director of the pension fund.
Responding firms must be minority-owned or female-owned or owned by a person with a disability, according to the RFP.
The targeted allocation size is between $15 million and $20 million. Funding could come from a Northern Trust Asset Management international equity index fund, in which the pension fund had about $50 million invested as of Nov. 30.
Commingled funds or mutual funds are the desired investment vehicles.
The RFP cited diversification within the pension fund's roughly $82.1 million international equity portfolio as one of the reasons for the search. One of the firm's existing minority-owned international equity managers, Lombardia Capital Partners, shut its doors earlier this year.
The RFP is available on the pension fund's website. Proposals are due by 3 p.m. CST on Jan. 15. A hiring decision could be made in the first or second quarter.
Separately, the $386 million pension fund committed $7.5 million each to a HarbourVest Partners private equity fund and Mesirow Financial private equity fund, pending legal review. The pension fund has previously invested with both managers in other funds.
As of June 30, the pension fund had a 7.3% allocation to private equity and a 7% target.