Boston pension seeks secondaries firms for mandate

Boston Retirement System is searching for a manager to help it invest $40 million across private market strategies, including secondaries.

The $4 billion defined benefit pension fund wants to hire a firm to help it with its mandate, which also includes mezzanine, distressed debt, venture debt, and special situation/turnaround strategies, according to a request for proposal.

Interested managers must be raising a closed-end private markets fund with a final closing date no earlier than 1 March, 2017. Boston will give preference to firms which have raised at least two funds and will be seeking at least $250 million in their current fund.

Proposals must be submitted by 3 February to consulting firm NEPC.

Boston’s current allocation to private equity is 5.2 percent and its target is 7 percent, according to PEI data. The pension has previously committed to secondaries funds including vehicles managed by Lexington Partners and W Capital Partners.