Boston retirement system seeks venture debt managers

The $4.2 billion pension plan expects to place $15 million with each manager hired and is conducting the search through its consultant, NEPC.  

The $4.2 billion State-Boston Retirement System is seeking proposals from venture debt providers. It will also consider groups that provide equity capital to venture companies, as long as the equity is primarily placed with companies the investment firm has been a lender to in the past.  Boston’s incumbent private market managers are encouraged to submit proposals. Applications should be submitted through forms posted on consulting firm NEPC’s website. The system anticipates commitments of about $15 million for each of the respective mandates.

In order to be considered, the candidates must be raising a closed-end private markets fund with the majority of investments in North America. The fund should not have a final close earlier than June 1.

Managers submitting proposals must work with NEPC through the due diligence process. The firms are also expected to provide performance data for its prior funds through December 31 2014.

Any questions regarding the search and application process should be addressed to Will Forde, a senior analyst at NEPC, by May 7. His e-mail is provided on the advertised search. Managers are advised not to call him.