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LOS ANGELES CITY EMPLOYEES’ RETIREMENT SYSTEM – PRIVATE CREDIT MANDATE SEARCH

December 10, 2018

The Los Angeles City Employees’ Retirement System (LACERS) administers an investment portfolio with approximately $16.8 billion in assets. This investment manager search seeks one or more qualified investment management firms to actively manage up to approximately $670 million in a private credit investment strategy through separately managed accounts and commingled funds. LACERS will consider senior secured debt mandates with a geographic emphasis in the United States, Europe or Asia. The proposed strategy is expected to outperform the Credit Suisse Leveraged Loan Index by 200 basis points over a full market cycle.

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Boston Retirement System - Private Markets Manager Search

October 3, 2018

The Boston Retirement System (the “System”) is soliciting proposals from investment management firms to manage a Private Markets mandate for the System's $5.0 billion, defined benefit, pension fund. This search will look to fill up to 3 distinct mandates: (1) Energy focused fund, (2) Special Situations/Turnaround and (3) a Private Debt fund.  

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Town of Belmont: US Large Cap Value Search

October 2, 2018

The Town of Belmont, Massachusetts Contributory Retirement System is soliciting proposals from investment management firms to manage a U.S. large cap value equity mandate for the System's $106 million, defined benefit pension fund. The System will initially place up to $10 million with the manager(s).  Investment managers selected must have familiarity with and agree to comply with Massachusetts G.L. Chapter 32 and Chapter 176 of the Acts of 2011 and all applicable investment guidelines administered by PERAC, including the restriction on investing in tobacco-related companies.  In order to be considered, each firm’s U.S. large cap value equity product must meet the following minimum criteria: 1) Minimum strategy assets under management of at least $750 million, 2) Minimum track record of at least seven years.  

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City of Medford: S&P 400 Manager Search

September 11, 2018

The City of Medford Retirement Board is soliciting proposals from investment management firms to manage a passive S&P 400 Index mandate for the System's $198 million, defined benefit pension fund. The System will place up to $7 million with the passive S&P 400 Index manager.  Investment managers selected must have familiarity with and agree to comply with Massachusetts G.L. Chapter 32 and Chapter 176 of the Acts of 2011 and all applicable investment guidelines administered by PERAC, including the restriction on investing in tobacco-related companies.  In order to be considered, each firm’s passive S&P 400 Index product must meet the following minimum criteria: 1) Minimum passive S&P 400 assets under management of at least $500 million, 2) Minimum track record of at least ten years, 3) The product vehicle must be a pooled investment vehicle (mutual or commingled fund).  

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MWRA Retirement System - Open Ended Core Real Estate Manager Search

September 6, 2018

The Massachusetts Water Resource Authority Retirement System (the “System”) is accepting proposals from investment firms to manage an Open Ended Core Real Estate mandate for the System's $544 million, defined benefit, pension fund. The System anticipates making an allocation of approximately $15 million; REITS, and closed-end private real estate strategies will not be considered and existing managers are encouraged to respond. The System may invest with potentially more than one open ended core real estate manager(s). In order to be considered, the candidates must meet the following criteria:

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Core Plus Closed End or Open End Real Estate Fund Search

September 4, 2018

The Retirement Board (“the Board”) of the Policemen’s Annuity and Benefit Fund of Chicago (“the Fund” or “PABF”) is requesting proposals from qualified firms interested in providing a Core Plus Closed or Open End Real Estate Fund. The anticipated allocation is expected to be $15-25 million.  If you are interested in being considered for this RFP, you must submit an electronic copy of the complete proposal by 4:00 CST on September 28, 2018. Responses submitted after this time and date will not be considered. The quiet period begins when the RFP is issued and ends when the manager is selected by the Board or the process is declared to be complete.  Managers will not contact Board members during the quiet period.  A manager will be disqualified from the selection process for violating the quiet period. The quiet period for this RFP begins September 3, 2018. Questions concerning the RFP must be submitted in writing via e-mail to the investment consultant’s search contact by 3pm CST on September 10, 2018. Properly submitted questions will be consolidated in a single Q&A document and posted on the consultant’s website on or around one weeks prior to the RFP deadline.

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VALUE ADDED CLOSED END OR OPEN END VALUE ADD REAL ESTATE SEARCH

September 4, 2018

The Retirement Board (“the Board”) of the Policemen’s Annuity and Benefit Fund of Chicago (“the Fund” or “PABF”) is requesting proposals from qualified firms interested in providing a Value Added Closed or Open End Real Estate Fund. The anticipated allocation is expected to be $15-25 million.  If you are interested in being considered for this RFP, you must submit an electronic copy of the complete proposal by 4:00 CST on September 28, 2018. Responses submitted after this time and date will not be considered. The quiet period begins when the RFP is issued and ends when the manager is selected by the Board or the process is declared to be complete.  Managers will not contact Board members during the quiet period.  A manager will be disqualified from the selection process for violating the quiet period. The quiet period for this RFP begins September 3, 2018. Questions concerning the RFP must be submitted in writing via e-mail to the investment consultant’s search contact by 3pm CST on September 10, 2018. Properly submitted questions will be consolidated in a single Q&A document and posted on the consultant’s website on or around one weeks prior to the RFP deadline. NO PHONE CALLS PLEASE.

Cover Letter

Open-End Direct Real Estate Fund RFI

Closed-End Direct Real Estate Fund RFI

Exhibit A- Employee Diversity Chart

Exhibit D- Closed-End Direct Real Estate Fund Cash Flows- Appendix 1

Exhibit D- Closed-End Direct Real Estate Fund Performance- Appendix 2

Exhibit D- Closed-End Direct Real Estate Fund Deal Track Record- Appendix 3

Exhibit D- Open-End Direct Real Estate Fund Data RFI

Exhibit G- Legal Disclosure

 

Q3 Asset Allocation

Current Real Estate Funds

 

Q&A

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BWSC OPEB: Global Asset Allocation Manager Search

June 18, 2018

The Boston Water and Sewer Commission (“BWSC”) is soliciting Request for Qualifications (RFQ) from investment management firms to manage a Global Asset Allocation mandate for BWSC's $19 million, OPEB Trust. BWSC may place up to $5 million with the new global asset allocation manager(s). In order to be considered, each firm’s global asset allocation product must meet the following minimum criteria: 1) Minimum strategy assets under management of at least $1 billion, 2) Minimum track record of at least ten years.  

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BWSC Pension: US SMID Cap Equity Manager Search

June 18, 2018

The Boston Water and Sewer Commission (“BWSC”) is soliciting Request for Qualifications (RFQ) from investment management firms to manage a US SMID Cap Equity mandate for the System's $115 million, defined benefit, pension fund. BWSC may place up to $5 million with the new US SMID Cap Equity manager(s). In order to be considered, each firm’s U.S. SMID cap equity product must meet the following minimum criteria: 1) Minimum strategy assets under management of at least $750 million, 2) Minimum track record of at least seven years.  

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Louisiana MPERS High Yield Bond RFP

May 29, 2018

The Louisiana Municipal Police Employees’ Retirement System (“MPERS” or “System”) is soliciting proposals from High Yield Bond (long only) managers, the passive benchmark for which is the Barclays Capital High Yield Index.  The System’s total allocation to the selected manager will be approximately $50 million.

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Town of Belmont: Core Fixed Income Manager Search

May 22, 2018

The Belmont Contributory Retirement System, a Massachusetts Retirement System, is soliciting proposals from investment management firm(s) to manage a Core Fixed Income mandate for the $104 million, defined benefit pension fund. The System has a target investment/placement of up to $10 million with the new manager(s).

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Boston Retirement System - EMD (Blended) Manager Search

May 8, 2018

The Boston Retirement System (the “System”) is soliciting proposals from investment management firms to manage an Emerging Market Debt Blended mandate for the System's $4.8 billion, defined benefit, pension fund. The mandate size for the search is approximately $190 million and may be invested with one or more managers. In order to be considered, each firm’s product must have a 3 year track record and assets of at least $400 million within the product.

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Chicago PABF- Emerging Market Debt Local Currency Search

May 1, 2018

The Retirement Board (“the Board”) of the Policemen’s Annuity and Benefit Fund of Chicago (“the Fund” or “PABF”) is requesting proposals from qualified firms interested in providing Emerging Market Debt (“EMD”) Local Currency via a pooled vehicle or mutual fund. This search is limited to traditional long only investment managers, hedge fund managers will not be considered for this mandate. The anticipated allocation is expected to be $50 million. If you are interested in being considered for this RFP, you must submit an electronic copy of the complete proposal by 4:00 CST on May 31, 2018. Responses submitted after this time and date will not be considered.

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Oklahoma Tobacco Endowment Settlement Trust MLP RFP

April 6, 2018

 The Oklahoma Tobacco Endowment Settlement Trust (“The Trust”) is seeking a MLP’s/Midstream Energy Infrastructure manager that will outperform both a relevant benchmark and a peer group of comparable funds. The benchmark will be jointly agreed to by the manager and the fund.  Both separate accounts and commingled vehicles will be acceptable.  The Board of Investors realizes it cannot dictate specific guidelines to commingled vehicles, including mutual funds and exchange traded funds. Therefore all investment managers are prohibited from purchasing securities directly issued by a tobacco company. This restriction does not apply to the underlying holdings of commingled funds, mutual funds, and/or exchange traded funds. The Trust currently has no exposure to MLP’s/Midstream Energy Infrastructure strategies. Approximately $50-$60 million will be awarded to one manager.  Proposals are due by 4:30 pm pacific time on April 30, 2018.  

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The MWRA Employees’ Retirement System Hedge Fund of Funds Search

April 3, 2018

The Massachusetts Water Resource Authority Retirement System (the “System”) is accepting proposals from investment firms to manage a hedge fund of funds mandate for the System's $535 million, defined benefit, pension fund. The System currently has a 5% target to the Hedge Funds, which is approximately $20 million. Single strategy and direct funds will not be considered.  The System may invest up to $10 million, with potentially more than one hedge fund of funds managers. In order to be considered, the candidates must meet the criteria listed in the RFP.

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City of Fresno- Private Equity Fund of One/Separate Account Search

March 29, 2018

The City of Fresno Retirement Systems (the “Systems”) are accepting submissions from investment firms to manage a private equity “fund of one” mandate for the System's approximately $3 billion defined benefit pension. In order to be considered, the candidates must be prepared to manage a customized fund for the “Systems”.  The initial allocation is $120 million spread out over 3-4 years.  This size could be increased based on the success of the program.   The focus of the search will be Global in nature.  The “Systems” reserve the right to reject any and all submissions at their discretion.  In order to be considered, the candidates must the criteria detailed in the Search Notice (below).

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City of Fresno – Real Estate Search

March 19, 2018

The City of Fresno Retirement Systems (the “Systems”) are accepting proposals from investment firms to manage a value-add/opportunistic real estate fund for the System's $3 billion, defined benefit pension Systems. The focus of the search will be on US, European and Global closed-end strategies only.  The Systems may commit up to $60 million with the new real estate manager(s) during 2018.  Importantly, the Retirement Boards reserve the right to reject any proposals at their discretion.  In order to be considered, the candidates must meet the criteria detailed in the Search Notice (below).

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City of Medford U.S. Small Cap Value Manager Search

March 12, 2018

The City of Medford, Massachusetts Retirement System is soliciting proposals from investment management firms to manage a U.S. small cap equity mandate for the System's $198 million, defined benefit, pension fund. The System will commit approximately $5 million with the manager.  

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Boston Retirement System - Real Estate Search

February 1, 2018

The Boston Retirement System (the “System”) is soliciting proposals from investment management firms to manage a Real Estate mandate for the System's $4.9 billion, defined benefit pension fund. The goal of the search is to identify a diversified non-core closed-end fund(s) as well as a low cost core open-end fund to help further complement the System’s existing real estate commitments.

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Town of Belmont Domestic Small Cap Equity Manager Search

January 31, 2018

The Town of Belmont, Massachusetts Contributory Retirement System is soliciting proposals from investment management firms to manage a U.S small cap equity mandate for the System's $104 million, defined benefit, pension fund. The System will commit approximately $5 million with the manager.  

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