Strathclyde Pension Fund, Glasgow, Scotland, launched two searches, one for corporate private debt managers and another for commercial real estate debt managers.
In the corporate debt search, the pension fund is looking for a manager or managers to run between £300 million ($382 million) and £600 million in corporate private debt, according to a notice on European procurement website Tenders Electronic Daily.
The £21.8 billion pension fund is looking for a provider of either a separate account or a fund of funds, the notice said.
Strathclyde will focus on investing in first- or second-lien senior secured corporate loans with subinvestment-grade credit risk. The allocation may also include unitranche or mezzanine debt and some equity.
The selected manager or managers will be expected to deliver a return of London interbank offered rate plus between 4% and 6% per year net of fees and other costs.
Interested managers should provide the firm's assets and assets managed on behalf of pension funds in pound sterling as of Dec. 31 for each of the past five years.
Proposals are due by noon Greenwich Mean Time on Jan. 16. A selection date was not provided.
The pension fund is also looking for a manager or managers to run £200 million to £500 million in commercial real estate debt.
The investment will focus on senior secured direct and whole loans, lending against commercial real estate in the U.K. and/or Europe.
The chosen manager or managers will deliver LIBOR plus between 4% and 5% per year net of fees and costs.
Proposals are due by noon Greenwich Mean Time on Jan. 17 via Glasgow Pension Council's website. A selection date was not provided.
The pension fund's consultant, Hymans Robertson is assisting with both searches.
A pension fund spokesman could not be reached to provide additional details.
