Advertised Searches

The Boston Retirement System (the “System”) is soliciting proposals from investment management firms to manage a private equity mandate for the System’s $8.9 billion, defined benefit, pension fund. The System plans to commit approximately $85 million in total to private equity strategies.

This search will focus exclusively on the following strategies:

1. Infrastructure/Energy
2. Diverse Manager Fund of Funds

QUALIFICATION CRITERIA

To be considered, candidates must meet the following criteria:

1. Candidates must have familiarity with and agree to comply with Massachusetts G.L. Chapter 32 and Chapter 176 of the Acts of 2011. Additionally, candidates must have familiarity with and agree to comply with the reporting and investment guidelines administered by PERAC.
2. Firms must be registered with the Securities and Exchange Commission.
3. The proposed fund must be closed-end, however, open-end vehicles will also be considered for infrastructure strategies.
4. Diverse Manager Fund of Funds must be focused on firms that invest with underlying managers that are diverse-owned or diverse-led by an underrepresented demographic group(s).
5. The final close date of the proposed fund must be no earlier than December 31, 2026.
6. Preference will be given to candidates that have raised at least two prior funds for the proposed strategy, however, this is subject to the Board’s discretion.
7. It is preferred that the proposed fund is targeting at least $250 million in commitments. Lower amounts may be considered at the Board’s discretion.

By submitting a formal response to this RFP, the Manager acknowledges that Boston Retirement System is bound by both Massachusetts Open Meeting Law as governed by Massachusetts General Laws Ch. 30A § 18-25 and 940 CMR 29.0, and the Massachusetts Public Records Law as governed by Massachusetts General Laws Ch. 66 and 950 CMR 32.0. All materials submitted in connection with this search may be subject to disclosure consistent with Massachusetts Public Records Law.

SUBMISSION REQUIREMENTS

• RFI (Word Document)
• Fund Summary (Excel)
• Fund & Deal-Level Data (Excel)
• PERAC Forms (4)

Deadline: Proposals must be sent to [email protected] by 5:00 pm ET on August 20, 2026. Late submissions will not be considered.

Please direct any questions to the NEPC email listed above (no phone calls please). Any response that is not completed according to the enclosed instructions will be rejected. The Board reserves the right to cancel or reject, in whole or in part, any or all proposals in the best interest of the System. Thank you in advance for your participation in this search.

Attachments:

• Search Notice
• Fund Summary
• RFI – Private Equity
• RFI – Infrastructure
• Fund & Deal Level Data Request – PE FoF
• Fund & Deal Level Data Request – Infrastructure

PERAC Forms:

• Vendor Disclosures
• Vendor Contact Information
• Vendor Certification Form
• Placement Agent Form