The $226bn California Public Employers Retirement System is looking for a passive manager to look after more than $5bn on behalf of several of its trust funds, according to a notice requesting proposals from managers posted on its website.

The search is part of a plan by Calpers to find strategic partners capable of helping it reach decisions on asset allocation and portfolio construction. Skills in this area have become more highly valued as a result of turmoil in financial markets, which have led to poor performance from a stream of long-only and hedge fund managers this year.