Illinois State Universities Retirement System, Champaign, is searching for managers to run a total of between $250 million and $500 million in long-only multisector public credit strategies.
The $24.7 billion pension fund is seeking proposals from managers that offer both U.S. and global strategies that include investment-grade, high-yield and emerging markets debt subsectors, according to an RFP on its website.
SURS will also consider to a lesser extent other subsectors, including bank loans and securities loans, but will not consider any private strategies, according to the RFP.
The RFP says that if the mandate is awarded, SURS will consider multiple managers. A funding source was not provided.
As of Nov. 30, the pension fund’s actual allocation to its stabilized growth asset class was 16.6%; its long-term policy target is 17%.
The RFP is available on SURS’ website. Proposals are due by 4:30 p.m. CDT on March 19. A selection is scheduled for June 5.
Investment consultant Callan is assisting.
