Ohio’s HPRS seeks manager for secondaries mandate

The state's $769m Highway Patrol Retirement System is considering investing in secondaries.

Ohio’s Highway Patrol Retirement System (HPRS) is searching for an investment manager to help it invest in secondaries.

HPRS, which provides pension benefits for uniformed members of the Ohio State Highway Patrol, is considering modifying its investment portfolio through a private equity secondaries strategy, according to a Request For Proposal (RFP) on its website.

“The system is interested in evaluating managers that are qualified to operate a commingled investment fund that will absorb an investment by HPRS of up to $10 million,” the RFP reads.

HPRS wants strategies that can complement its existing investments, which are structured to meet or exceeding an aggregate 7.8 percent actuarial rate of return “without taking undue risks”.

Candidate managers must have at least $3 billion in assets under management, be registered with the US Securities and Exchange Commission and must have been in operation as a firm for at least five years, among other requirements.

Interested firms should submit responses to the RFP by 6 May.

HPRS was was created in 1941 and had assets of about $769 million on 29 February, according to its website.