Hydralis appoints JP Morgan for alternatives

JP Morgan will have responsibility for managing the fund's asset allocation to alternatives and investments in underlying funds.

The mandate is expected to see up to €70m invested across unlisted funds.

Hydralis launched a request for proposals (RFP) manager search in 2018 in a bid to increase its exposure to alternatives and reduce its exposure to existing securities.

The pension fund is seeking a target net return of 4.5-7% per year from the mandate.

Hydralis will commit to unlisted equity and debt within corporate, infrastructure and real estate, along with other unlisted investments.

Interested firms were required to submit detailed characteristics of each of the underlying funds, including information on main strategies and sub-strategies, including venture capital, buyouts and debt.

The LP was seeking managers with experience in managing unlisted investments across multiple asset classes, a background of working with clients that have assets of at least €700m and at least one representative office based in an EU country.

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