Illinois Police Officers' Pension Investment Fund, Peoria, is searching for an active emerging markets debt manager to run about $150 million.
The $10 billion investment fund's board approved issuing an RFP at its March 8 meeting, a spokesperson said.
IPOPIF has issued an RFP as part of its continuing build-out of its long-term investment policy. 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 pension funds, the board hired State Street Global Advisors to manage passive fixed-income portfolios including $570 million in emerging markets debt.
The investment fund's interim target allocation to emerging markets debt is 6%; the long-term target is 3%. The RFP is intended to begin building out the asset class with a 1.5% allocation to a single manager that utilizes a blended approach across sovereign and corporate debt issues using hard or local currency. Funding will come from the passive portfolio.
The RFP is available on IPOPIF's website. Interested managers must have their data updated on the eVestment database by March 22. The board plans to make a selection at its Sept. 13 meeting.
Investment consultant Verus Advisory is assisting.
