The Massachusetts Water Resource Authority Employees’ Retirement System (the “System”) is accepting proposals from investment firms to manage a Private Opportunistic Credit mandate for the System’s ~$710 million, defined benefit pension fund. To be considered, candidates must be raising a private niche or opportunistic credit drawdown funds only. The System anticipates committing up to $14 million for this mandate.

In order to be considered, candidates must meet the following criteria:

  1. Candidates must have familiarity with and agree to comply (in writing via cover letter) with
    Massachusetts G.L. Chapter 32 and Chapter 176 of the Acts of 2011. Additionally, candidates
    must have familiarity and agree to comply with the reporting and investment guidelines
    administered by PERAC. Guidelines can be found in the attached links.
    https://malegislature.gov/Laws/SessionLaws/Acts/2011/Chapter176
    https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIV/Chapter32
  2. Candidates must be registered with the Securities and Exchange Commission or with the
    Secretary of State where the firm is domiciled.
  3. Candidates must review and agree to the attached side letter pertaining to mandatory
    contractual language, based on the guidelines above.
  4. Preference will be given to candidates that have raised at least one prior fund for the proposed
    strategy, however, this is subject to the Boards discretion.
  5. The final close date of the proposed fund must be no earlier than September 2025.
  6. It is preferred that the proposed fund is raising at least $500 million, however, lower amounts
    may be considered at the Boards discretion.
  7. Candidates must complete the attached RFI, along with each appendix and the strategy template
    with performance as of December 31, 2024.
  8. ALL responses must be accompanied by a cover letter, confirming adherence to the requested
    information. Incomplete responses may be rejected.

By submitting a formal response to this RFP, the Manager acknowledges that the Investor, MWRA Employees’ Retirement System, is bound by both Massachusetts Open Meeting Law as governed by Massachusetts General Laws Chapter 30A § 18-25 and 940 CMR 29.00, and the Massachusetts Public Records Law as governed by Massachusetts General Laws Chapter 66 and 950 CMR 32.00. All materials submitted in connection with this search may be subject to disclosure consistent with Massachusetts Public Records Law.

To access the RFP and required forms, please visit the website of NEPC, LLC at www.nepc.com/institutional/investment-managers/. The Board reserves the right to cancel or reject in whole or part, any or all proposals in the best interest of the System.

All questions should be directed via email to the following contact (no phone calls please). Proposals must be submitted to [email protected] by 5:00 pm EDT, on June 11th, 2025. Proposals received after the deadline will not be considered.

MWRA Search
NEPC, LLC
[email protected]

Search Notice

Private Credit Data Request
1. Appendix 1
2. Appendix 2
3. Appendix 3

RFI

Sample Side Letter

PC Fund Template

PERAC Forms
1. Placement Agent Form
2. Vendor Certification Form
3. Vendor Contact Information
4. Vendor Disclosures