Delaware State Treasury, Dover, is seeking one or more investment managers for a parks and recreation endowment.
The 21st Century Parks Endowment and the Delaware Land and Water Conservation Trust Fund Grant Program, known collectively as the endowment, was created in 2014 to get better investment returns than the previous cash account.
The endowment currently has $60 million in fixed-income securities, which the treasurer’s office would like to transition to a multiasset-class portfolio. The new portfolio has an asset allocation of 60% equities — with a 45% to 75% range — and 40% fixed income, alternatives and cash — with a range of 25% to 55%. International equity has a 35% maximum allocation.
The Treasury could hire one or more managers. Managers may be required to transition the endowment portfolio, work with a specific transition manager chosen by the treasurer’s office or choose an independent transition manager. Custodian services are currently provided by Bank of New York Mellon.
Managers must have at least 10 years of experience with $1 billion or more in assets under management; Delaware firms with at least $250 million in AUM for at least 20 years are eligible to bid.
The RFP is available on a state procurement website. Proposals are due at 4 p.m. EDT March 30. A hiring decision will be announced May 15. Funding will come from cash six to 12 months after the decision.
A phone call and e-mail to the treasurer’s office were not returned as the office was closed due to weather.