Chicago Policemen's Annuity & Benefit Fund posted an RFP for active microcap equity managers.
The $2.7 billion fund is looking for one or more U.S. or global microcap equity managers to run $50 million in the fund's first dedicated investment to the asset class, said Aoifinn Devitt, chief investment officer, in an email. Long-only microcap managers are sought. Hedge fund managers will not be considered for the search, the RFP said.
Selected U.S. managers will be benchmarked against the Russell Microcap index and global microcap equity managers will compared to the MSCI World Micro Cap index.