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Impact Investing

IPE special report May 2018

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Mandate roundup: IPE-Quest, NPRF, Lightstone

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A European institutional investor is seeking an asset manager for a $80m (€58m) high yield corporate debt mandate, using IPE-Quest.

According to search QN1412, the US corporate bond mandate should focus on core companies, only investing in firms that issue debt in US dollars, are listed in the US by non European Union based firms.

The investment should be actively managed, with performance measured against the Bank of America Merrill Lynch US High Yield Master II Index (H0A0).

Interested managers should manage at least $500m in similar mandates with a minimum track record of three years, but preferably five. The manager should furthermore have total assets under management (AUM) of $5bn.

Separately, European institutional investor is also looking for a manager to oversee a $80m investment grade corporate bond mandate. Managers applying for search QN1413 should apply the Bank of America Merrill Lynch US Corporate Index (C0A0) as a benchmark.

All other criteria, including minimum AUM for similar mandates and managers, reflect search QN 1412. Applications for both searches are welcome until 6 June, stating gross of fees performance to the end of March.

Meanwhile, Ireland’s National Pensions Reserve Fund (NPRF) has committed €10m to a life sciences fund managed by Lightstone Ventures.

The reserve fund’s sixth investment in support of the Innovation Fund Ireland – a government initiative to support Irish start-ups with venture capital funding, will be to Lightstone Ventures I – a fund targeting early stage investments in medical device and pharmaceutical companies.

NPRF chairman Paul Carty said: “The life science industry offers great potential for Ireland and Lightstone will provide emerging businesses in this exciting sector with a valuable new source of funding and expertise.”

The Lightstone vehicle, targeting a raise of $170m, made its first investment in January this year.

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 directly from IPE-Quest, please contact Jayna Vishram on +44 (0) 20 7261 4630 or email jayna.vishram@ipe-quest.com.

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IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2435

    Asset class: CLOs.
    Asset region: Global.
    Size: USD 50m.
    Closing date: 2018-05-22.

  • QN-2436

    Asset class: Real Estate - Core Open-ended Real Estate Equity Fund (non-listed).
    Asset region: Asia Pacific.
    Size: Approx. CHF 70-100m per investment.
    Closing date: 2018-05-25.

  • QN-2438

    Asset class: High Yield Bonds.
    Asset region: US.
    Size: USD 300 million.
    Closing date: 2018-05-25.

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