Phoenix City Employees' Retirement System is searching for infrastructure and natural resources managers to run a total of up to $192 million, said Greg Fitchet, investment officer, in an email.
The $2.4 billion pension fund has issued an RFP following the creation in April 2017 of new target allocations to infrastructure and natural resources of 4% each, or about $96 million each.
Funding comes from other asset classes that have been eliminated or reduced. Also in March, the pension fund eliminated its 8% target to global tactical asset allocation strategies and dropped the targets to domestic equity to 16% from 18%, international developed markets equities to 9% from 16%, and hedge funds to 5% from 15%.
The RFP is available on the city of Phoenix's procurement website. Proposals are due at 4 p.m. MST on March 29. Finalist interviews are scheduled for May 3, with a decision expected shortly thereafter.
Investment consultant Meketa Investment Group is assisting.