Oklahoma Teachers' Retirement System, Oklahoma City, is searching for international equity managers, according to an invitation to bid posted on the pension fund's website.
The $20.3 billion pension fund is looking to allocate $400 million to $600 million per manager and is for the 2023 calendar year. The search will remain open until the mandate size has been fulfilled. The number of managers and the total allocation has yet to be determined.
The invitation to bid, which was approved at a board meeting on Jan. 25, stems from a standard review of the pension fund's international equity structure, which may conclude that a new active management structure is needed, said Sarah Green, executive director, in an email.
The current international equity structure is 35% passive, but a newly approved target is approximately 50%. Current managers are not required to rebid.
The invitation to bid is on the plan's website.
The board also committed $375 million to the OTRS/FP Private Equity Fund, a buyout fund of funds managed by Franklin Park Associates. Oklahoma Teachers has made periodic commitments to the fund since 2010, Ms. Green said.
In addition, the board committed $100 million to EQT Exeter Industrial Value Fund VI, a real estate value added fund managed by EQT Exeter. The commitment was Oklahoma Teachers' first with the asset manager, Ms. Green said.
As of Dec. 31, Oklahoma Teachers' actual allocations to private equity and real estate were 9.1% and 8.8%, respectively. The respective target allocations are 8% and 10%.