The Iowa Public Employees’ Retirement System is seeking global multi-strategy, multi-asset class portable alpha managers for a $400 million mandate.

The pension plan issued a request for proposals today, saying it “seeks proposals from managers that can provide investment management services for an active global multi-strategy, multi-asset class product that will be utilized to provide the ‘alpha’ in a portable alpha strategy.”

IPERS said it expects to hire two managers for the mandate. Interested parties are required to be registered with the Securities and Exchange Commission and must have at least $2 billion in assets under management and a five-year track record. The pension plan said it would not consider fund of funds or manager of managers approaches.

Proposals are due March 1. The RFP can be found on the Web site of IPERS’ investment consultant, Wilshire Associates.