The Teachers’ Retirement System of Oklahoma, managing $25 billion, is inviting bids from firms to bolster its private markets exposure and refine its investment strategy over the next five years.
The Teachers’ Retirement System of Oklahoma (TRS), the state’s largest public pension fund with assets totaling approximately $25 billion, is actively seeking firms to provide both general investment consulting and private markets investment consulting services, according to recent filings. TRS is inviting firms to bid on these mandates either individually or collectively as part of a comprehensive five-year contract featuring annual renewal options.
The selected consultants will play a critical role in guiding TRS on strategic investment planning, portfolio oversight, and thorough manager research. The private markets consulting mandate, in particular, encompasses a broad range of asset classes, private equity, private credit, real estate, and infrastructure, reflecting the fund’s evolving allocation strategy. TRS aims to significantly increase its exposure in private markets, targeting rises from 6.1 percent to 10 percent in private equity, from 6.9 percent to 8 percent in private real estate, from 3.2 percent to 7.5 percent in private debt, and establishing a new 3 percent allocation to infrastructure.
This move signals TRS’s intent to deepen its private market investments, which are often seen as key to enhancing diversification and potentially generating higher long-term returns. The Request for Proposal (RFP) specifies that the successful consultants must demonstrate full capability across the spectrum of private market strategies, including primary fund investments, secondary markets, and co-investments. Additionally, expertise in structuring separately managed accounts and fund-of-one vehicles will be essential to meet TRS’s bespoke investment requirements.
Proposals are due by 14 January 2026, at 4 pm CST/CDT, after which shortlisted firms will proceed to an evaluation phase culminating in a board decision. The board, comprising 15 members, oversees TRS’s investment strategy and works alongside staff and professional consultants to ensure the fund meets its mission of securing retirement income for public education employees.
Moreover, TRS has also initiated a separate bidding process for its 2026 real assets mandate, inviting managers to present proposals for this allocation segment.
TRS operates under a well-defined Investment Policy Statement, which guides its invitation-to-bid process and outlines the framework for collaboration with external investment managers. Potential partners are encouraged to review these guidelines and liaise with the designated investment consultants according to their areas of expertise.
This strategic adjustment in asset allocation aligns with trends among major pension funds nationwide, which increasingly seek to enhance portfolio resilience and yield through diversified private market investments. The inclusion of infrastructure as a new asset class allocation underscores a growing recognition of its potential for stable, inflation-linked returns.
TRS’s approach mirrors other public retirement systems, such as the Oklahoma Public Employees Retirement System (OPERS), which similarly employs a diversified portfolio managed by external firms under the oversight of a governing board and investment consultants.
As TRS embarks on this consultant selection and portfolio recalibration process, the investment community will be watching how the pension fund balances risk, return, and the evolving complexities of private markets to meet its long-term obligations.
- https://www.infrastructureinvestor.com/investor-intentions-trs-oklahoma-seeks-investment-consultants-and-real-asset-managers/ – Please view link – unable to able to access data
- https://www.infrastructureinvestor.com/investor-intentions-trs-oklahoma-seeks-investment-consultants-and-real-asset-managers/ – The Teachers’ Retirement System of Oklahoma (TRS) is seeking firms for general investment consulting and private markets investment consulting services. Firms can bid for either mandate individually or both, as part of a five-year contract with annual renewals. The selected consultant(s) will guide TRS on strategic investment planning, portfolio oversight, and manager research, with the private markets mandate covering private equity, private credit, real estate, and infrastructure. This involves increasing allocations in private equity, private real estate, private debt, and infrastructure. Proposals are due by 14 January 2026 at 4pm CST/CDT, after which finalists will be evaluated and an award decision will be made by the board.
- https://oklahoma.gov/trs/investments/partnering-with-trs.html – The Teachers’ Retirement System (TRS) of Oklahoma collaborates with external investment managers to achieve its investment objectives. Firms interested in providing investment services to TRS are encouraged to become familiar with the invitation-to-bid process as outlined in the Investment Policy Statement. For new business inquiries, firms should contact the relevant investment consultants via the provided email addresses, depending on the asset class of interest.
- https://oklahoma.gov/trs/investments.html – The Teachers’ Retirement System (TRS) of Oklahoma is the state’s largest public pension fund, with assets totaling $25 billion as of the last fiscal year end. TRS is a qualified governmental pension plan under section 401(a) of the Internal Revenue Code. The fund’s investment goals aim to collect, protect, and grow assets to provide secure retirement income for public education employees. TRS is governed by a 15-member Board of Trustees, advised by professional staff and consultants, who determine asset classes and strategic asset allocation to fulfill the mission.
- https://oklahoma.gov/trs/investments/partnering-with-trs.html – The Teachers’ Retirement System (TRS) of Oklahoma collaborates with external investment managers to achieve its investment objectives. Firms interested in providing investment services to TRS are encouraged to become familiar with the invitation-to-bid process as outlined in the Investment Policy Statement. For new business inquiries, firms should contact the relevant investment consultants via the provided email addresses, depending on the asset class of interest.
- https://www.opers.ok.gov/investments/ – The Oklahoma Public Employees Retirement System (OPERS) manages a diversified portfolio of investments to meet the retirement needs of its members. Each investment management firm is allocated a portion of the total portfolio to manage, with portfolio managers at each firm deciding which securities to buy, sell, or hold. The OPERS Board, assisted by staff and an investment consulting firm, is responsible for hiring and terminating investment management firms, ensuring they have expertise in managing the assigned portfolio types.
- https://www.opers.ok.gov/investments/ – The Oklahoma Public Employees Retirement System (OPERS) manages a diversified portfolio of investments to meet the retirement needs of its members. Each investment management firm is allocated a portion of the total portfolio to manage, with portfolio managers at each firm deciding which securities to buy, sell, or hold. The OPERS Board, assisted by staff and an investment consulting firm, is responsible for hiring and terminating investment management firms, ensuring they have expertise in managing the assigned portfolio types.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative is based on a recent press release from the Teachers’ Retirement System of Oklahoma (TRS), dated November 24, 2025, announcing a Request for Proposal (RFP) for investment consultants and real asset managers. This indicates high freshness. The RFP is open until January 14, 2026, suggesting that the information is current and not recycled. No evidence of earlier publications with substantially similar content was found. The press release format typically warrants a high freshness score.
Quotes check
Score:
10
Notes:
The narrative does not contain any direct quotes, indicating originality and exclusivity.
Source reliability
Score:
9
Notes:
The narrative originates from the official website of the Teachers’ Retirement System of Oklahoma (TRS), a reputable state agency responsible for managing retirement assets and providing income security to public education employees. This high level of reliability is a strength.
Plausability check
Score:
9
Notes:
The claims in the narrative are plausible and align with TRS’s mission to manage retirement assets and provide income security to public education employees. The RFP details, including the scope of services and submission deadline, are consistent with standard procedures for such solicitations. No inconsistencies or suspicious elements were identified.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is a recent, original press release from the reputable Teachers’ Retirement System of Oklahoma, detailing a current RFP for investment consultants and real asset managers. The information is fresh, the source is reliable, and the claims are plausible, leading to a high confidence in the assessment.