Jacksonville (Fla.) Retirement System is searching for its first specialized private credit consultant.
The $2.2 billion pension fund is seeking a consultant because of the implementation of a new private credit strategy, said Patrick "Joey" Greive, the city's chief financial officer, director of finance and administration, and vice chairman of the pension fund's board.
The city issued an RFP because the contract of current general investment consultant RVK does not contain any provisions for private credit consulting, and city rules require those specific services be put up for bid, Mr. Greive said. RVK is invited to bid.
The pension fund is considering a target of 5% to 7%. Once a consultant is in place, the pension fund will make one or two investments a year for the next three years to bring the total up to the target.
Funding for private credit commitments will come from overweight equities, Mr. Greive said.
The RFP is available on the city's procurement website. Registration is required. Proposals are due at 2 p.m. EST on Jan. 8. Finalist presentations will take place in February, with a decision expected shortly thereafter.