Boston Retirement System is searching for a hedge fund-of-funds managers to run about $220 million for the $4 billion pension plan.
NEPC, the pension system’s investment consultant, is assisting with the search. The pension fund has a 5% allocation to hedge funds. It could hire more than one manager. Current managers can rebid. The system’s current hedge fund-of-fund managers are Mesirow Financial, GAM, EnTrustPermal and Grosvenor Capital Management, according to documents from its website.
Each proposed strategy must have at least $500 million in assets under management and at least a five-year track record of managing non-proprietary capital within a diversified multistrategy fund-of-funds structure. Both commingled funds and separate accounts will be considered.
The RFP is available on NEPC’s website.
Proposals are due at 4 p.m. EDT June 9. A time frame for selection has not yet been established, said Larissa Davy, research analyst at NEPC.
John Kelly, the pension fund's investment analyst, could not be immediately reached for comment.