Illinois Police Officers’ Pension Investment Fund, Peoria, is searching for active domestic small-cap equities managers to run a total of about $390 million.
The $12.6 billion pension investment fund issued an RFP for active managers as it continues to build out its long-term target allocation.
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 equity portfolios.
The pension fund’s long-term target allocation to small-cap equities is 5%, and plans to allocate 3% to active managers, according to the RFP. The RFP said the pension fund expects to hire two complementary managers to run 50% each of the active small-cap equity portfolio.
The RFP is available on IPOPIF’s website. Proposals are due by 5 p.m. CDT on May 30. Finalist interviews and a selection are expected Sept. 12.
Investment consultant Verus Advisory is assisting.
