Pennsylvania State Employees’ Retirement System Micro Cap U.S. Equity Search

The Pennsylvania State Employees’ Retirement System (SERS or the System) is conducting this investment manager search to identify and select investment management firms to create and manage one or more Active U.S. Microcap portfolios for SERS.

The State Employees’ Retirement Board has exclusive control of all assets of SERS. The board has full power to hold, purchase, sell, assign, transfer, or dispose of SERS’ assets, including securities and other investments in which its funds have been invested, as well as the proceeds of such investments. The board has retained Callan to assist the board in fulfilling its fiduciary duties with respect to the investment of the assets.

Search Process

SERS’ Investment Office (staff) is conducting this search. Specifically, staff and the Callan will use the database referenced below to identify the universe of Active U.S. Microcap (benchmarked to Russell Microcap Index, Russell Microcap Growth Index, or Russell Microcap Value Index, or the MSCI Micro Cap Index) investment management firms that SERS could engage to provide investment management services. Callan will review information posted in the database to identify firms that meet the minimum requirements described in Section B (“Minimum Requirements”) of the notice of search, followed by further evaluation.

How to Participate in This Search

To be considered, investment management firms must comply with the requirements below:

  • All firms shall carefully review this notice of search and the minimum requirements described in Section B in the notice of search. Interested firms that meet the minimum requirements must enter their information in Callan’s database referenced below to be Callan will review the database and provide Staff with a written report identifying the investment managers that meet the minimum requirements.

  • Investment firms must submit their information directly to Callan. Details on requirements for entering information into the database via Callan’s Manager Questionnaire can be found here.

  • All firms must ensure that they completely identify their firm and product information in the aforementioned database. Additionally, firms must ensure that the information is current and accurate as of March 31, 2021 (information such as organization, product, returns, portfolio characteristics, and AUM data).

  • Current and accurate data must be in the aforementioned database no later than June 11, 2021, at which time Callan shall commence its review of the database.

Please see the notice of search for further detail, including the minimum requirements. Any questions regarding the Callan database entry must be posed to [email protected].

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