The $12.3 billion Montana Board of Investments is issuing a request for proposals for fund of hedge funds managers. Sort of.

The system’s executive director, Carroll South, and chief investment officer, Clifford Sheets, both recommend that the board authorize its staff to issue an RFP “without making any commitment to fund the managers, unless the board approves an allocation,” according to an internal memo.

The RFP will serve to enlighten the staff on hedge fund strategies and historical performance versus other asset classes, as well as help the staff in making a recommendation to its board on whether or not to enter into the asset class at its August meeting.

The RFP will also serve to stem the wave of solicitations from hedge fund managers who anticipate the board’s first foray into the asset class, according to the memo.

In February, funds of hedge funds Grosvenor Capital Management and Blackrock Alternative Advisors gave a presentation to the board, drawing praise for the asset class from a few board members and prompting others to call for a cautious, deliberate approach.