Brunel Pension Partnership, Bristol, England, is searching for two or three money managers with environmental, social and governance expertise to run a £365 million ($441.6 million) allocation to small-cap equity.
The £30 billion pool of U.K. local authority pension funds said in a news release Tuesday it is looking for managers with a global approach.
Fundamental and quantitative managers are eligible to apply. The fund will consider a 30% allocation of the managers' portfolio to emerging markets or microcaps.
Brunel said it will use MSCI Small Cap World index as its benchmark.
"The small-cap phenomenon offers a well observed opportunity, which we expect our (member funds) to benefit from with this sub-fund," according to David Cox, Brunel's head of listed markets.
"A long-term approach can translate into impressive returns. In keeping with our overall outlook, individual mandates in this sub-fund will be long term only."
Applications are due by 11 a.m. Greenwich Mean Time Sept. 20. Managers should contact the fund via email to apply.
Brunel plans to launch the allocation in the second quarter of 2020.