The Pension Benefit Guaranty Corp. is looking for an investment consultant for its $25 billion revolving fund, which invests premium income solely in U.S. Treasuries, and a $61.7 billion trust fund with assets of terminated single-employer pension plans that the agency has taken over.
The current consultant is Wilshire Associates.
The trust fund primarily consists of global public equity, fixed income, cash, transition accounts and inherited private market assets, according to the RFP.
The current portfolio is 70% fixed income, which has 29 mandates, with 26 in actively managed separate accounts. Global public equity has 16 mandates, two of which are separate accounts. Five of the commingled accounts are actively managed.
The inherited private market assets are mainly private equity and private real estate. The 750 separate investments include limited partnerships, direct holdings and closed-end funds. The PBGC does not commit to new funds.
PBGC has about 19 investment firms managing or monitoring assets.
Applicants must have at least $100 billion in assets under advisement and at least 10 consulting clients. At least one public or corporate client must have a minimum of $10 billion in investment assets.
The RFP is available on the Federal Business Opportunities website. Proposals are due at 11 a.m. EDT Sept. 28. The contract, scheduled to start Dec. 15, is for one year, with the option of four additional one-year contracts.