US - The US$60bn Ohio Public Employees Retirement System is tendering for a fund-of-funds investment manager to select and manage a US$50m private equity mandate.
OPERS said the mandate would be invested in Ohio/Midwest private equity partnerships.
“The firm selected will construct, manage and liquidate a portfolio of investments in Ohio based on Midwest focused private equity partnerships through a diversified fund of funds structure,” the fund said in its tender notice.
“These Ohio based or Midwest focused partnerships must include corporate finance (buyouts) and venture capital partnerships. The manager will have full discretion over the portfolio.”
Deadline for tender is November 30.
The fund is also tendering for an investment adviser to manage US$100m to US$500m in a passively-managed emerging markets equity portfolio. Deadline for tender is November 19.
In September, the fund tendered for two to four enhanced index managers in the domestic equity asset class. OPERS’ consultant Ennus Knupp & Associates is advising the fund on the tender, for which a deadline has not been set.
OPERS is the largest state pension fund in Ohio and the tenth largest state pension fund in the US.
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.