Searches and Hires

MOSERS issues RFI for microcap managers

Missouri State Employees' Retirement System, Jefferson City, issued an RFI for small/microcap equity managers to run multiple mandates for the system, a spokeswoman for the retirement system confirmed.

Funding is expected to range from $30 million to $100 million per mandate, though the amounts could vary, an RFI published on Meketa Investment Group's website said. According to the RFI, "multiple managers are expected to be hired."

Investment consultant Meketa is assisting with the search.

While the search will focus primarily on U.S. microcap equity managers, Meketa and MOSERS are open to exploring non-U.S. strategies and strategies "that expand the opportunity set to include small-cap equity," the RFI said.

MOSERS is searching for new microcap managers as "the combination of active management and systematic risk make these investment mandates good candidates to outperform the broad U.S. market over long periods," a spokeswoman for the plan wrote in an email. The spokeswoman did not provide further details about whether the funding would come from another investment manager.

MOSERS administers an $8.2 billion defined benefit plan and two defined contribution plans, with about $2.2 billion in combined assets, as of June 30. The manager search is for MOSERS' defined benefit plan only, the spokeswoman added.

The RFI can be found on Meketa's website. Proposals can be emailed to Ryan Lobell, Colin Bebee and Charlie Chang.

Proposals are due 5 p.m. EDT March 29.