An undisclosed European pension fund has tendered a $100m (€91m) actively managed hedge-fund mandate through IPE Quest.

The mandate involves running a segregated account of hedge funds – including fund selection, management and administration – investing globally.

The funds should follow fundamental tail-risk protection strategies negatively correlated with a typical European pension fund benchmark and thereby perform well when equities and risk assets decrease, and volatility increases.

The benchmark for these funds has not yet been decided, according to search QN-2208.

Managers are required to have at least $1bn in AUM for the asset class, with a minimum track record of three years, although five years is preferred.

Performance data should be submitted for periods up to 30 June, gross of fees.

The deadline for the tender is 25 August.

The IPE news team is unable to answer any further questions about IPE Quest tender notices to protect the interests of clients conducting the search. To obtain information direct from IPE Quest, please contact Jayna Vishram on +44 (0) 20 7261 4630 or email