Boston Retirement system seeks three managers

The $6.7 billion retirement system also seeks a diverse fund of funds manager.

Boston Retirement System is looking for three managers to place up to $100 million in commitments, which includes a search for diverse managers.

According to a request for proposal available on consultant NEPC’s website, Boston Retirement is looking for managers for a co-investment fund, an energy/infrastructure fund and a diverse manager fund of funds.

The search is to fill a total of $100 million in these potential commitments, according to the RFP.

The fund of funds manager must be focused on firms that invest with diverse-owned or diverse-led underlying managers led by an underrepresented demographic group, according to the RFP. Other public pension systems have started similar programs in recent months.

Boston prefers funds raising at least $200 million, the RFP said. Preference will also be given to candidates that have raised at least two prior funds in the proposed strategies.
The final close date of the fund must be no earlier than January 31, 2023, according to the RFP.

Boston Retirement System has $6.7 billion in assets under management. As of the end of 2021, the system’s private equity portfolio was valued at $668 million, according to a previously issued RFP.