Iowa Public Employees' Retirement System, Des Moines, is looking to allocate $500 million to an open-end private infrastructure fund.
The search is being conducted to diversify the system's private real assets allocation, said Shawna Lode, a spokeswoman for the $34 billion pension fund.
The RFP is scheduled to appear on IPERS' website later this week. The board anticipates proposals to be due sometime in mid-February. A timeframe for selection will depend on how many proposals the board receives and how long it takes to evaluate them, Ms. Lode said.
The RFP was approved at IPERS' Monday board meeting.
The board also agreed at its Monday meeting to hire RhumbLine Advisers to run $400 million in a passive domestic smidcap value equity strategy. IPERS issued the RFP in November after terminating incumbent manager Fisher Investments in response to sexist comments made during an Oct. 8 conference presentation by Fisher's executive chairman and co-chief investment officer, Kenneth L. Fisher.