Iowa Seeks Funds Of Hedge Funds For $600M Mandate

Aug 2 2007 | 11:11am ET

The $20 billion Iowa Public Employees Retirement System has issued a request for proposal for one or more fund of hedge funds manager as the final stage for its portable alpha program implementation.

The $600 million mandate will be for a six-year period from its date of inception. The system is looking for a low volatility fund of funds with a target absolute risk of 5% or less annually, suitable for use in a portable alpha strategy. Firms that hold their portfolios close to the vest need not apply as the system is also seeking “a high level of transparency” into the firm’s investment and risk management processes, including occasional participation of IPERS staff in due diligence meetings with underlying hedge fund managers.

The minimum requirements for the mandate include a “proven” three-year performance record (simulated or back tested results for any or all of the period will not be accepted), at least $500 million in combined total assets under management in all low volatility funds and accounts, no leverage employed at the fund of funds level, and a willingness to accept a performance-based fee arrangement for payment.

The RFP is available electronically on consultant Wilshire Associates’ Web site.

The deadline for proposals is August 21 at 3:00 p.m. CST.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR