Boston Seeks Fund Of Funds Managers For $280M

May 11 2007 | 11:36am ET

The $4 billion State-Boston Retirement System this week issued a request for proposals for an investment management firm to handle a fund of hedge funds mandate. The system may place up to $280 million with funds of hedge fund managers, with an allocation of no more than $80 million to any one manager.

In order to be considered, each firm’s fund of hedge funds product must have a minimum of $800 million in assets under management as of Dec. 31, 2006, a three-year audited track record and historical annual volatility not exceeding 7.5%. Also, investments in Massachusetts public funds (including potential mandates) should not exceed 50% of the assets under management and there should not be any leverage employed at the portfolio level. Managers must disclose the names of all underlying managers. While not a requirement, funds of hedge funds registered with the Securities and Exchange Commission are preferred.

Investment managers selected must have familiarity with and agree to comply with the hedge fund investment guidelines administered by the PERAC.

Requests for RFP forms should be e-mailed to publicfundresponse@nepc.com no later than May 18. Proposals are due May 31.


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