Iowa Public Employees' Retirement System, Des Moines, is looking to allocate up to $850 million in opportunistic credit strategies, said Gregory Samorajski, CEO of the $34 billion pension system.
The search is being conducted because the board recently agreed to increase its allocation to private credit to 8% (from 3%). Separate accounts will be preferred, although commingled vehicles, including fund-of-funds, will also be considered.
Mr. Samorajski expects that the board will select more than one manager for this mandate.
Wilshire Associates, investment consultant to IPERS, is assisting in the search.
The RFP is available on IPERS' website. Proposals are due by 4:30 p.m. CST, Nov. 10. Mr. Samorajski hopes for the board to make a decision in March.