Switzerland’s CHF33.1bn (€27.5bn) first-pillar fund AHV is tendering a CHF500m global equity portfolio.
The small-cap mandate would exclude any domestically listed companies and be passively managed, benchmarked against the MSCI World ex Switzerland small cap index.
AHV would like the assets to be invested in a fund for qualified investors based in Switzerland.
Managers have until 15 April to register their interest.
As of the end of 2014, AHV invested 22% of its assets in equities, 41% in overseas fixed income and a further 24% in loans and bonds denominated in Swiss francs.
The remainder of its 13% in assets was spread across real estate, money market funds and commodities.
In December, 2.5% of its assets were in global small-cap equities, accounting for CHF825m.
The fund, also known as Compenswiss, recently said its foreign exchange hedge prevented a CHF1bn loss when the Swiss National Bank ended its peg to the euro.