Fonds de Reserve pour les Retraites, Paris, is searching for up to five money managers to run about €2.5 billion ($3 billion) in dollar-denominated investment-grade debt.
The allocations will be identical, a notice filed with European procurement website Tenders Electronic Daily said.
FRR will allow 15% of portfolios to be invested in securities with a rating lower than credit investment grade, but no lower than a BB- rating. The benchmark index will be similar to the Bloomberg Barclays U.S. Intermediate Corporate index or the ICE BofA 1-10 Year U.S. Corporate index.
Managers must be based in a developed Organization for Economic Cooperation and Development country. Over-the-counter securities, such as credit default swaps, are not authorized for inclusion in the allocation.
Contracts will run for five years, with the potential for a one-year extension.
Proposals are due by May 28 and via French procurement platform Achats Public.
Details of any current investment were not available. A spokeswoman for the €26.3 billion pension fund could not be reached for comment.