London Pensions Fund Authority is searching for up to six credit managers to manage a total of between £100 million ($165 million) and £150 million.
The £4.6 billion pension fund is seeking multiple managers that “target an annual absolute return net of fees of between 10% and 15%, with minimal/zero use of leverage through investing in a number of higher-yielding debt markets,” said a notice filed with procurement website Tenders Electronic Daily.
Those markets include but are not restricted to such strategies as direct corporate lending, distressed debt, high-yield debt, leveraged senior secured loans, mezzanine debt, structured credit, real estate debt and trade finance.
Proposals are due at 10 a.m. GMT on Oct. 16. A timetable for a decision could not be learned by press time.
The posting is available on TED.
Phone calls to Jonathan Ord, investment principal at London Pensions Fund Authority, and Erica Wright, spokeswoman, were not returned by press time.