Swansea Pension Fund seeks infrastructure manager

The City and County of Swansea (Wales) Pension Fund is searching for a manager to run an unlisted infrastructure equity allocation.

The £1.5 billion ($1.9 billion) pension fund intends to achieve an absolute return/internal rate of return of between 7% and 10% or more per year, and with a cash yield of 4% or more, said a notice filed with European procurement website Tenders Electronic Daily. The RFP does not say the size of the expected infrastructure fund commitment.

It is searching for an actively managed diversified strategy focusing on brownfield, or operational, assets. The plan is open to an up to 50% greenfield allocation.

The successful manager is expected to have long-term illiquid exposure with a focus on Organization for Economic Cooperation and Development countries. Some emerging markets exposure will be considered.

Consultant bfinance is managing the selection process. Proposals are due March 20. A hiring date was not provided.The RFP is available on TED.

Spokesmen for the pension fund and bfinance were not available to comment on the search by press time.