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MWRA - Multi Sector Bonds Search

Posted on: March 7, 2019

The Massachusetts Water Resource Authority Employees’ Retirement System (the “System”) is accepting proposals from investment firms to manage a Multi Sector and Specialty Lending Bond mandate for the System's $525 million, defined benefit pension fund. In order to be considered, the candidates must be offering a long-only, Multi Sector fixed income or Specialty lending strategy.  Absolute return, core bond, core-plus, hedge fund and index fund strategies will not be considered.  The System may commit up to $40 million with the new manager(s).  Importantly, the Board reserves the right to reject any and all proposals at its discretion.  In order to be considered, the candidates must meet the following criteria:

  1. Candidates must have familiarity with and agree to comply (in writing) 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. In the form of a cover letter, candidates must read and agree to the attached side letter pertaining to mandatory contractual language, based on the guidelines above.
  3. Candidates must be registered with the SEC or Massachusetts Secretary of State
  4. The proposed strategy should have at least $500 million dollars in assets under management, however, this is subject to Board discretion.
  5. The proposed strategy must have at least monthly liquidity and no lock ups.
  6. The proposed strategy must have a track record of at least five years.

If you are interested in participating in the search, please complete the attached form in Appendix I and update eVestment Alliance through 4Q 2018 at www.evestmentalliance.com. In addition, please provide NEPC with the following information:

  1. A cover letter indicating your firm’s interest in the search. Please include the vehicle you are proposing for this search and the fee schedule you are proposing for this mandate, as well as confirmation regarding the attached side letter.
  1. An email copy of all eVestment Alliance information at the firm and product level for the proposed strategy. Please clearly indicate the product type category in which you classify your product.  All historical information surrounding investment market capitalization must be included.
  1. Completion of the following PERAC disclosure and verification forms. These are available on both the PERAC and NEPC website.

All questions and responses should be directed via email, NO hard copies, to Lebo McCallum Lmccallum@nepc.com and Alex Cohen Acohen@nepc.com and no later than 4:00 pm EDT on Friday, March 29, 2018. No proposals will be accepted after this deadline. The subject line of your email also should include reference to MWRA Employees’ Retirement System Multi Sector Bond Search. Thank you in advance for your participation in this search.

Cover Letter

Sample Side Letter

 

PERAC Forms

Placement Agent Form

Vendor Certification Form

Vendor Disclosures

Vendor Disclosures

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