Oakland (Calif.) Police & Fire Retirement System is searching for an active and/or passive international equity manager to run between $25 million and $30 million.
The $475 million pension fund is seeking proposals from managers of both active and passive international equity strategies that have no more 25% allocated to emerging markets, according to a search notice on the website of investment consultant Meketa Investment Group, which is assisting with the search.
The RFP comes after the pension fund’s board on May 29 approved changes in the global equity structure that included moving to one international equity manager, minutes of that meeting show. The board on Feb. 28 had decreased the target to international equities to 5% from 12%, according to minutes of that meeting.
As of Sept. 30, the actual allocation to international equities was 13.7%. As of that date, Strategic Global Advisors ran a $47 million active portfolio and Vanguard Group ran an $18 million passive portfolio. The RFP does not disclose whether both managers are invited to rebid.
The RFP is posted on the DiligenceVault procurement website. Registration is required. Proposals are due by 5 p.m. PST on Jan. 10. A timeline for a selection was not provided.
