US pension fund seeks manager for $120m mandate

The LP is accepting submissions from investment firms to oversee a $120m managed account mandate through investment consultant New England Pension Consultants (NEPC).

The fund will be customised for the retirement systems, which will initially invest $120m over three to four years, with the option to increase this based on the success of the programme.

Potential candidates must have five years' experience managing separate-account private equity programmes, have been in business for a minimum of 10 years, and have a minimum of $1bn in assets under management. There is no geographical restriction on the location of the candidates.

The deadline for responses is 4pm EDT on Friday 4 May.

The City of Fresno Retirement Systems began the process of building an exposure to private equity following board approval at its March 2017 meeting, and aims to reach a 5% allocation over a four-year pacing plan.

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