The search is being conducted as part of a previously approved investment consultant strategy.
The pension plan approved a private debt manager search and new 2025 fiscal year asset allocation policy for its four systems last week.
The asset class would be new for the two plans.
The plan is looking to hire one manager that is benchmarked against the Russell 2500 Index.
The search follows the plan’s decision to divest its emerging markets equity allocation from Chinese holdings.
The pension plan liquidated its approximately $1.9 billion international equity mandate and made commitments totaling $108 million in April.
The plan will also receive an update in its ongoing domestic small-cap core equity and global fixed-income manager searches next week.
The pension plan has replaced its domestic core-plus fixed-income manager due to personnel changes and underperformance.
The pension plan has replaced its incumbent domestic small- to mid-cap value equity manager, which had been on watch.
The pension plan has selected one firm to provide hedge fund, credit and real assets consulting services.