Denver Employees Retirement Plan is conducting an invitation-only search for one or more managers to run non-core fixed-income strategies to increase diversification at the $1.7 billion fund, confirmed Randall Baum, chief investment officer.
Mr. Baum said in a telephone interview that the retirement system is looking for distressed debt, mezzanine debt or bank loan strategies, and multiple managers will likely be hired. The mandate size has not been determined yet, and there is no time frame for a decision, he added.
Funding will come from rebalancing. The new mandate will fall under the system's 4% allocation to high-yield strategies.
Consultant Summit Strategies is assisting.
