The Indiana Public Retirement System (INPRS) is close to issuing two new investment consultant contracts, Investment Management Mandate Pipeline
The board of trustees for the more than 28 billion retirement system based in Indianapolis, Ind. met on Oct. 25 and learned that its staff has plans to release consultant contract searches for private equity and absolute return. Strategic Investment Solutions and Aksia both currently hold the INPRS’s private equity and absolute return accounts that will be released Nov. 11.
According to an investment update obtained by Mandate Pipeline, issuing a request for proposal (RFP) “will help ensure INPRS is receiving the best combination of price and value.”
The INPRS’ procurement policy warrants new RFP releases since both its alternative investment consultant contracts have been in place more than five years.
The INPRS Investment staff also said following its meeting that it is continuing a move toward more global assets. From Mandate Pipeline:
“As a result, the pension agency will evaluate currency hedging due to the fact that “INPRS implicitly holds currency exposure when buying global equities or bonds
While 83.4% is currently committed to the U.S. dollar, the INPRS does have exposures in the Euro, the Japanese Yen, and other currencies
The INPRS’s actual asset allocations as of Sept. 30 included 24.6% to global equity, 20.5% to fixed-income, 12.9% to private equity, 9.6% each to inflation-linked fixed-income allocations, 9.8% to risk parity, 7.2% to commodities, 8.5% to absolute return, 5.2% to real estate and 1.8% to cash, according to the Mandate Pipeline report.
