A Danish pension fund has tendered for a small cap equity manager, using IPE-Quest.

According to search QN1418, which is being conducted by Kirstein Finans on behalf of the unnamed scheme, the fund is looking to invest in both US small and mid-cap companies.

It said that the mandate should seek to outperform a relevant benchmark, but did not tie itself to any one specific index, with the scheme open to core, growth and value strategies.

While it ruled out investing in pure large or mid cap products, Kirstein said that the fund would allow a small exposure to large caps within the portfolio.

It will only consider actively managed products, with any index or multi-manager propositions not of interest.

Allowing for a “suitable” tracking error, the portfolio is expected to outperform the chosen benchmark by at least 2% each year.

Kirstein said that it was open to talking to new managers without an existing strategy or those that had yet to establish themselves with a track record in excess of 3 years.

Once the consultant has completed its analysis, it will present a shortlist to the pension fund client.

Interested parties have until 9 January to apply, with further information accessible through IPE-Quest.

For any questions regarding the IPE-Quest search, please email info@ipe-quest.com. For full information, please go to IPE-Quest.