Iowa Public Employees' Retirement System, Des Moines, is searching for several managers to run absolute-return strategies.
The $40.1 billion pension has issued an RFP to identify absolute return strategies that can be implemented in the pension fund's portable alpha framework, spokeswoman Shawna Lode said in an email.
IPERS does not currently have a target allocation to absolute return. The RFP posted on IPERS' website said proposed strategies are "expected to have a long-term beta of less than 0.4 to global equity markets, global rate markets, global credit markets and commodity markets."
The RFP also noted this is Phase 1 of the search process, which primarily consists of the collection of quantitative and some qualitative information from potential managers. Phase 2 will consist of IPERS notifying potential managers for additional information, and Phase 3 will consist of due diligence and award notifications, if the pension fund decides to select managers.
The RFP is available on IPERS' website. Proposals are due at 4:30 p.m. CST on Jan. 20, and a Phase 2 invitation-only RFP is tentatively scheduled to be issued Feb. 17. A timeline for selections has yet to be determined.
