Westfield (Mass.) Contributory Retirement System is searching for an investment manager or managers to run about $10 million in small- to middle-market private debt services for the system's $200 million investment portfolio.
This would be a new allocation for the plan, said Raymond Depelteau, chief investment officer for the pension fund. Funding will come from reducing the overall equity exposure of the fund through rebalancing.
Only commingled investment vehicles will be considered. Separate accounts, credit hedge funds, funds of funds, infrastructure funds, real assets funds and 40 Act funds will not be considered.
Proposed strategies should be opportunistic corporate debt instruments that target unitranche, second-lien debt, mezzanine/unsecured securities and equity securities investments within small- to middle-market North American companies.
The RFP is available from Lynn Rea, retirement administrator, via email. Proposals are due by 4 p.m. EDT July 7. Mr. Depelteau said he expects a selection to be made sometime in July or August.
