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Illinois State Troopers Pension Investment Fund March 8th Board of Directors Meeting The firm announced it has issued a request for proposals to become the only emerging market fixed income manager to manage a $150 million allocation.
His mandate is equivalent to 1.5% of the fund’s assets, and he will be the sole manager of the fund’s emerging market debt strategy.
The fund currently allocates 6% to emerging market debt through a passive debt strategy. However, the long-term target allocation is 3%, which will be funded by the existing emerging market fixed income asset allocation. The fund plans to passively invest 1.5% of its total allocation to emerging market bonds, with the remaining 1.5% actively managed by successful candidates.
“IPOPIF has a long-term allocation of 3% to EMD, but an interim allocation of 6%. The interim overweight will serve as a proxy for future private market investments.” said Kent Custer, IPOPIF CIO.
“The interim structure will be 4.5% passive and 1.5% active. The long-term structure will be 1.5% passive and 1.5% active.”
Last September, IPOPIF released an RFP for managers for an aggressive bank lending strategy. The fund announced in February that it would allocate $150 million each to Aristotle Capital Management and Ares Capital Management to manage these investments.
IPOPIF has $10 billion in assets under management as of January 31, 2024. This fund manages the assets of 357 Illinois Down County Police Pension Funds.
Manager requirements
Emerging market debt obligation prospects are evaluated based on experience, investment strategy, background of the company’s staff, investment philosophy, investment performance, fee adequacy, and cybersecurity risk management approach.
Manager candidates are asked to upload their documents to the IPOPIF database by March 22nd. The first stage of selection will begin on her April 5th, with detailed information requested from “best” candidates, with submissions due on April 19th.
The second screening phase will take place on May 5th. Interviews for semi-finalists will take place between June 17th and June 28th, and board screening, finalist interviews and manager selection will take place on September 13th.
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Tags: Debt Strategy, Emerging Market Debt, Illinois State Troopers Pension Investment Fund, IPOPIF, Manager Selection, RFP
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