Iowa Public Employees' Retirement System, Des Moines, is searching for transition management services for the $32.1 billion pension fund.
The board might select more than one firm to provide such services. The selected manager or managers will sign a six-year contract with IPERS.
To be considered, bidding transition managers must have completed at least $25 billion of transition activity per year in the past three years and have made at least 50 U.S. equity, 20 U.S. fixed income and 50 non-U.S. equity and/or fixed-income transitions over the past three years, the RFP said. Submitting firms must also have made at least 10 transitions of at least $1 billion in the past five years to be considered.
The RFP is available on the pension fund's website. Proposals are due by 4 p.m. CDT Aug. 24. A selection is tentatively expected to be made Sept. 20.
As of Dec. 31, IPERS' asset allocation targets were 27% core-plus fixed income, 22% domestic equities, 15% international equities, 11% private equity, 7.5% private real assets, 7% public real assets, 3.5% public credit, 3% each global smart beta equities and private credit, and 1% cash.
IPERS spokeswoman Judy Akre could not be immediately reached for further comment.