Newham Pension Fund, London, is searching for private debt managers and a global high-yield bond manager, according to RFPs on Tenders Electronic Daily, an electronic procurement platform.
The £848 million ($1.06 billion) plan is looking for up to two private debt managers to run £110 million in a pooled fund.
If two managers are selected, one will be focused on Europe, while the other will focus on the U.S. market. The minimum size of the funds focused on senior debt should be £400 million.
Preference will be given to managers with a U.K. office. Funds of funds will not be considered.
The pension fund is also seeking one global high-yield bond manager to run £60 million through a UCITS pooled fund. The manager must demonstrate the ability to invest in non-dollar-denominated bonds, achieving 1 to 2 percentage points above the benchmark — Barclays or Bank of America Merrill Lynch global high-yield bond indexes.
The manager will be expected to allocate up to 10% in investment-grade bonds, up to 20% in CCC-rated bonds and up to 20% in off-benchmark investments.
The pension fund referred questions to its investment consultant, bfinance; officials there could not be reached by press time.