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Boston Retirement System - Private Debt Search

Posted on: October 2, 2019

The Boston Retirement System (the “System”) is soliciting proposals from investment management firms to manage a Private Debt mandate for the System's $5.1 billion, defined benefit, pension fund. This search will target funds focused on the following strategies: (1) European Direct Lending (2) Niche Lending and (3) Distressed Debt.

Candidates must be raising a closed-end private debt fund with a final closing date no earlier than January 31, 2020. Existing managers are encouraged to submit proposals.

Preference will be given to candidates that have raised at least two prior funds and will be raising at least $250 million in the current fund. Managers submitting proposals must work with NEPC to conduct due diligence. Managers are expected to provide performance data for prior funds through June 30, 2019.

The System anticipates committing approximately $60 million to a private debt strategy. Please note that the commitment amounts may be subject to change. Managers selected must have familiarity with and agree to comply with Massachusetts G.L. Chapter 32, Chapter 176 of the Acts of 2011 and all applicable investment guidelines administered by PERAC. The selected firm must be willing to complete supplemental disclosures and certification documents required by PERAC. In addition, managers must be registered with either the Securities and Exchange Commission or with the Secretary of State where the firm is domiciled. 

You may download the RFI and PERAC documents on NEPC’s website (www.nepc.com).  Please submit all four of the PERAC forms with the RFI. Please only provide one data request document specific to your strategy. The Board reserves the right to cancel or reject in whole or part any or all proposals in the best interest of the retirement system. All questions should be directed via email to the following contact (no phone calls please).  Electronic copies of the RFI and supporting documents should be sent to BostonSearch@nepc.com by 2:00 p.m. EDT on October 29, 2019. No proposals will be accepted after this deadline. Please include reference to Private Debt Search in the subject line of your e-mail.

Please follow all directions carefully!  Any response that is not completed according to the enclosed instructions will be rejected. Please do not fax your response. Thank you in advance for your participation in this search.

Search Notice

Closed-End Fund RFI

 

Data Request Forms:

Direct Lending Fund & Deal-Level Data Request

Distressed & Opportunistic Credit Fund & Deal-Level Data Request 

Closed-End Fund Cash Flows

 

PERAC Forms:

Placement Agent Form

Vendor Certification Form

Vendor Contact Information

Vendor Disclosures

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