The $51.8 billion Massachusetts Pension Reserves Investment Management Board is looking for firms to provide portable alpha fund of hedge funds services to the system, and has issued a request for proposals to search for qualified candidates.

The mandate is meant to build a complimentary lineup of fund of hedge funds to manage up to $600 million.

To qualify for the mandate, managers must have a three-year track record and manage over $500 million. Other desirable qualifications include the fund producing alpha greater than or equal to LIBOR +3% net of fees and expenses, with volatility of less than 6% and a Sharpe ratio greater than 1.

PRIM currently allocates a total of $2.1 billion to portable alpha managers including Crestline Investors, Grosvenor Capital and Strategic Investment Group. 

The deadline for the RFP, which can be accessed on PRIM’s Web site, is April 18.

Cliffwater is PRIM’s general and hedge fund consultant, and Hamilton Lane serves as the system’s alternative investment consultant.