Pennsylvania State Employees' Retirement System, Harrisburg, is searching for a U.S. microcap equities manager to run $700 million on behalf of the $35.7 billion pension plan. The fund may hire more than one manager.
Proposed strategies must have a minimum track record of one year and be benchmarked to one of the Russell Microcap indexes or the MSCI Microcap index. Managers must have at least $5 million under management in the strategy and at least $250 million in total assets under management as of March 31 to be considered.
Callan, PennSERS' investment consultant, is assisting with the search.
At its April 28 meeting, the PennSERS board agreed to add a 2% allocation to microcap equities and a 3% allocation to a covered-call strategy within U.S. equities, while reducing its private equity target allocation to 12% from 14%.
The RFP is available on Callan's website. Proposals are due by June 11. A selection is scheduled to be made in September.
Pamela Hile, spokeswoman for the pension plan, could not be immediately reached for additional information.
