Pension investment services

Tender description

The Pension Fund of the London Borough of Newham invites proposals for the management of an investment in Private Corporate Debt (Direct Lending) through a pooled fund vehicle. The Pension Fund of the London Borough of Newham does not wish to be contacted during the tender process. Please contact bfinance for any queries regarding the tender. Asset Class: Private Corporate Debt (Direct Lending). Size of mandate: Approx. 110 000 000 GBP to be invested with 1 or more managers. Benchmark: > Absolute return in terms of target NET IRR of 6 % to 8 %+ (net of fees). > Looking for LIBOR +4 % to 5 %. > Minimum hurdle of 4 %. Investment Constraints: > Buy-and-hold of corporate private debt. > Primarily senior debt focus. > Limited cov light deals. > The Client has a preference to represent no more than 20 % of Fund commitments. Minimum requirements: > Bidders are required to be a regulated entity (FCA or equivalent). > Demonstrable experience in the strategy, asset class, whether this is at the firm level or attributable to members of the investment team from prior firms > Fund should be a minimum size of 400 000 000 GBP. > Unlevered fund only. > At least one fund post investment period with some realizations.