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Mandate roundup: ERAFP, APUC, Mercer

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The French supplementary public-sector pension scheme, ERAFP, is seeking to invest €400m in US dollar-denominated corporate debt.

The €16bn fund said that the tender would act as a framework agreement, with one manager likely to be seeded with capital while two others are appointed ‘substitutes’.

In a statement, the scheme added: “The portfolios will principally be invested in US dollar-denominated bonds of corporate issuers located in OECD countries, with the exception of bonds issued or guaranteed by a sovereign state or a local authority.”

It said that the €400m allocation should only be seen as indicative of the investment potential over a three-year period, with the contract running for up to five years.

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In other news, Mercer has been appointed as the preferred master trust by the UK’s Advanced Procurement for Universities and Colleges (APUC) for over 200 higher education institutions that it represents.

Created under a framework agreement, APUC’s deal will allow educational institutions to use Mercer’s defined contribution (DC) master trust without needing to conduct separate tender exercises.

The offering is auto-enrolment ready, and APUC said it will save the education institutions time, effort and cost, and avoid the enrolment of staff into several different DC schemes through their careers.

Emma Nicholson, Special Projects Manager at APUC, said: “The assessors felt it would offer the [education] sector competitive, high-quality pension provision, robust independent governance and value for money. The new arrangement has been designed to offer a flexible solution.”

Mercer’s lead of UK DC solutions, Roger Breeden, added: “Through our robust governance structure, overseen by the independent trustee, we are confident this will be the plan of choice for the higher and further education sector.”

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  • QN-2559

    Asset class: Multi Assets.
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    Size: EUR 15m (may be split into two mandates EUR 7.5m).
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    Closing date: 2019-08-30.

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