Boston seeking private debt managers

The $6.4 billion Boston Retirement System has approximately $60 million to allocate to private debt strategies and is seeking proposals from investment management firms to manage the mandates.

The system is targeting closed-end funds that are focused on asset-based lending, direct lending, and niche lending, according to an RFP posted on NEPC’s website. NEPC is the pension fund’s general consultant.  

Proposals must be submitted to [email protected] by 2:00 pm EDT on Monday, May 2, 2022. The RFP can be found here.

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. The final close date of the proposed fund must be no earlier than Sept. 30, 2022.

According to fund documents, as of Dec. 31, 2021, the pension system’s allocation to private equity and debt asset classes was 9.7%, with an 11% target. The system’s total alternatives assets exposure stood at 22.8% with a 26% target.

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Mark Fortune

Mark Fortune has more than 30 years of experience as a financial writer and editor, with a focus on institutional investment management. He has worked in various editorial roles at organizations that include Institutional Investor, Pageant Media, Markets Group and, most recently, at New York investment management firm Cohen & Steers.

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