Illinois State Universities Retirement System, Champaign, is searching for a manager of emerging fixed-income managers.
The $18 billion pension fund has issued an RFP for a manager of emerging managers that fit the Illinois statute definition of minority-, female-, and people-with-a-disability-owned firms because current manager Progress Investment Management has notified clients it is closing in mid-2020, said Beth A. Spencer, SURS spokeswoman.
Underlying strategies will consist of emerging markets debt, global bank loan, global investment-grade fixed income and high-yield fixed income, the RFP said.
Existing emerging managers of these fixed-income styles manage a total of $350 million.
The RFP is available on SURS' website. Proposals are due at 4:30 p.m. CST on Feb. 7. A selection is tentatively scheduled for March 12.
Investment consultant Meketa Investment Group is assisting.