The State-Boston Retirement System is seeking a firm to manage an investment in private markets credit. It plans to invest up to $30 million in private debt.
The pension fund is seeking proposals from managers that have raised at least $1 billion for credit strategies, according to its advertisement.
The fund published an advertisement for request for proposals last week on the website of Boston-based consulting firm NEPC.
The LP is seeking managers that meet specific criteria including a closed-end private markets fund with a target of at least $300 million, final close should be no earlier than 28 February 2015 and managers with at least one previous credit fund will be given preference.
The definition of credit opportunities funds includes distressed debt, non-performing loans, liquidations, direct lending, hard assets, and structured credit.
State-Boston is working with NEPC to select a credit manager.