The $12bn (£8.3bn) Indiana Public Employees' Retirement Fund (PERF) is considering a search for US large cap equity managers, according to the fund's chief investment officer, Pat Gerrick.
Gerrick said that funding for the new mandates would come from its existing US large cap index portfolio. She also said that the manager search was dependant upon approval from the fund’s trustees.
If the trustees give their approval, then the mandates would be put up for tender early in the fourth quarter. The exact size and investment styles of the mandates have yet to be determined, Gerrick added.
Earlier in the year, the fund had put approximately $2bn in US large cap mandates up for tender. Gerrick said that that search had been suspended but declined to give further details. She did add that managers who had submitted proposals for the suspended large cap search would be considered for the new large cap searches.
Additionally, the PERF has hired San Francisco based Strategic Investment Solutions (SIS) as its new alternative investment consultant. According to Gerrick, the fund is looking to make private equity investments in the first quarter of 2002.
SIS will assist the fund with creating an alternatives strategy, and according to Gerrick, the fund is looking to commit an initial sum of $250m. William M Mercer is the fund's general investment consultant and assisted the PERF with the search.
By Geoffrey Ho
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