Iowa Public Employees' Retirement System, Des Moines, is searching for an operational due diligence services provider and managed account platform provider.
The $43.7 billion pension fund issued two RFPs due to a state law that requires it to put services up for bid every six years, said Shawna Lode, IPERS spokeswoman, in an email.
The operational due diligence service provider will evaluate managers in the pension fund's non-custody investment programs, including private markets funds, liquid absolute-return strategies and portable alpha strategies.
Current provider Fortifinancial is eligible to rebid, Ms. Lode said.
The first RFP is available on IPERS' website and proposals are due at 4:30 p.m. CDT on July 15.
The second RFP is for a managed account platform provider to implement IPERS' alternative risk premium and liquid absolute-return strategy programs. Ms. Lode noted this is not for hedge fund consulting services, but for a provider to "implement a turn-key solution to support the administration and management of a diversified group of LARS managers and internally managed ARP program as an overlay to the IPERS Trust Fund."
Current provider New Hyde Park Alternative Funds is also eligible to rebid, Ms. Lode said.
The second RFP is also available on IPERS' website, and proposals are due at 3 p.m. CDT on July 22.
Timelines for selections were not provided.