Ann Arbor (Mich.) Employees' Retirement System is searching for an investment consultant.
The $515 million pension fund issued an RFP in response to its policy of putting services up for bid every six years, said Wendy Orcutt, executive director, in an email. The chosen consultant would also provide services for the city's $186 million retiree health-care plan.
Current consultant Meketa Investment Group is invited to rebid, she said.
The pension fund's actual allocation is about 30% each, equities and fixed income; 20% international equities; 17% real estate/alternatives; and 5% cash, according to the RFP.
The RFP is available on the pension fund's website. Proposals are due at 5 p.m. EST on Feb. 3. A timeline for a decision was not provided.
Separately, the pension fund's board approved a commitment of $6 million to DRA Growth and Income Fund X, a value-added real estate fund managed by DRA Advisors at its Nov. 19 meeting, recently released minutes show.
The pension fund previously committed $8.5 million each to DRA Growth and Income Fund IX in 2017 and DRA Growth and Income Fund VIII in 2014.
