Illinois State Universities Retirement System, Champaign, is searching for a private equity consultant, spokeswoman Beth Spencer said in an email.
The $19.5 billion pension fund issued an RFP to evaluate implementation approaches for its $1.1 billion private equity program, Ms. Spencer said. The pension fund traditionally has taken a fund-of-funds approach to its private equity program and does not currently have a consultant, she added.
The RFP is posted on SURS' website. Proposals are due at 4:30 p.m. CST on Jan. 29. Finalist interviews will take place sometime in March, with a selection scheduled for April 18.
General investment consultant Pension Consulting Alliance is assisting.
Separately, SURS plans to issue an RFP in January for record keepers for its $1.2 billion 401(a) plan and a new 457 plan. The current record keepers are Fidelity Investments and TIAA-CREF. Ms. Spencer said the contracts are expiring and the services will be put up for bid as part of the pension fund's "normal business practice to issue an RFP in advance of expiration." Both firms are invited to rebid.
The new 457 plan, yet to be created, is the result of August legislation by the Illinois General Assembly requiring the implementation of an optional supplemental DC plan "as soon as practicable," Ms. Spencer said. The timeline for that RFP was not provided, but it also will be available on SURS' website.