The Boston Retirement System (the “System”) is soliciting proposals from investment management firms to manage a U.S. Small Cap Equity mandate for the System’s $6.0 billion, defined benefit, pension fund. The System has approximately $400 million allocated to Small Cap Equity. Current managers are encouraged to submit proposals.

To qualify for this search, 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 and agree to comply with the reporting and investment guidelines administered by PERAC.
  2. Candidates must be registered with the Securities and Exchange Commission or with the Secretary of State where the firm is domiciled.
  3. The proposed strategy must have a live three-year track record
  4. The proposed strategy must have assets of at least $500 million

Boston Retirement System is bound by both Massachusetts Open Meeting Law and the Massachusetts Public Records Law.  All materials submitted in connection with this search may be subject to disclosure consistent with Massachusetts Public Records Law.

If you are interested in participating in the search, please update eVestment through Q3 2022 at In addition, please provide NEPC with the following information:

  1. A completed copy of the Fund Summary template provided by NEPC
  2. An email copy of all eVestment information (firm and proposed strategy).
  3. Completed PERAC Forms (4 documents)

All questions should be directed to the following email address (no phone calls please). All proposals must be submitted to [email protected] by 2:00 pm (EDT) on Friday, November 11, 2022. Proposals received after the deadline will not be considered. In the subject line of your email, please include the name of your firm along with ‘BRS Small Cap Search’.

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 part any or all proposals in the best interest of the System. Thank you in advance for your participation in this search.


Search Notice

Fund Summary



Placement Agent Form

Vendor Certification Form

Vendor Contact Information

Vendor Disclosures