The State Universities Retirement System of Illinois (SURS) is looking to hire a firm to manage its private equity emerging manager fund of funds portfolio, according to a November request for proposal (RFP).
The successful candidate will manage about $100 million in total, according to the RFP.
The portfolio comes only from SURS’s defined benefit plan investment programme, which was $17.4 billion as of 30 June and has a 6 percent target for private equity. SURS expects that the entirety of the underlying funds in the portfolio will be managed by firms owned by emerging investment managers. However, the main fund of funds does not have to be owned by minorities, women or people with disabilities.
There are a number of other criteria, including holding at least $1 billion in institutional assets under management and having been in business for at least four years as of 30 June.
Primary and secondaries funds of funds responding to the RFP should also detail the split between the different investment types.
The RFP process is being handled by NEPC. The deadline to respond is 14 December but candidates have until 30 November to email questions. At the beginning of 2016, SURS will identify firms for further consideration and conduct interviews with selected firms in February. Finalist presentations will be made to SURS board of trustees on 10 March.
SURS manages the retirement savings of employees of the Illinois public universities and other affiliated organisations.