Illinois Police Officers' Pension Investment Fund, Peoria, is searching for active international and/or global small-cap and/or smidcap equity managers to run a total of up to $450 million, a spokeswoman said in an email.
The $9.4 billion pension investment fund issued an RFP because its target allocation to international small-cap equities is 5%. The Police Officers' Pension Investment Fund was created by a law signed in December 2019 by Illinois Gov. J.B. Pritzker consolidating 649 downstate and suburban police and fire pension plans into two new pension funds.
During the transition of assets in the intervening years to IPOPIF from the individual municipal funds, the board hired State Street Global Advisors to manage up to $1.4 billion in international developed markets equities, up to $665 million in emerging markets equities and up to $475 million in international developed markets small-cap equities.
Funding will come from those passive portfolios. Multiple managers may be hired, and the pension fund will consider both international and global, small-cap and smidcap strategies.
The RFP is available on IPOPIF's website. Proposals are due at 5 p.m. CDT on Sept. 8. Selections are tentatively scheduled for Oct. 13.
Investment consultant Verus Advisory is assisting.