A European pension fund is tendering a $10m (€7.7m) high-yield debt mandate, using IPE-Quest.

The fund behind search QN1450 said it would consider exposure to a high-yield bond fund with a US, European or global investment strategy, as long as it were actively managed.

The scheme said it expected at tracking error of at least 2%, but not exceeding 9%, for the mandate.

However, it added that the guideline was a “soft” limit.

Managers will be permitted to propose benchmarks, with firms in charge of at least $250m in high-yield debt mandates able to apply. 

The European scheme did not specify a minimum asset floor for the manager as a whole.

Any fund should have at least a three-year track record, although a five-year track record is preferable.

Managers have until 30 September to apply, stating gross-of-fee performance to the end of 31 December.

The IPE.com 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 jayna.vishram@ipe-quest.com.