When it comes to searching for an emerging fund of hedge funds manager, the Chicago Public School Teachers’ Pension and Retirement Fund is getting very specific.
The firm has issued a request for proposals for a $25 million fund of funds mandate, hoping to add a roster of smaller hedge funds to its portfolio—it wants an emerging fund of hedge funds manager. It also wants that manager to manage less than $10 billion, and to be owned by a minority, woman or disabled person.
Managers who meet those standards have until June 25 to apply; the RFP is available on the $9 billion pension’s Web site.
The pension’s board, with the help of consultant Mercer, aims to choose a manager by Sept. 30.