A pension fund based in Denmark has published an emerging markets (EM) high yield corporate bonds tender for $100m (€82m).
The investor is inviting managers that offer an active core strategy to apply via the IPE Quest QN-2698 search.
“We are not interested in seeing performance for a carve out of a broader strategy (e.g. the high yield part of a blended investment grade/high yield EM product),” the fund said.
If no pure EM corporate high yield strategy is available, the participating managers can reply with information and performance for a blended investment grade/high yield EM corporate strategy instead, it added.
Participating managers should provide data for both a blended EM corporate strategy and a pure EM corporate high yield strategy if deemed relevant – in particular if performance history for the high yield strategy is less than five years, the tender document stated.
Managers should also provide data for a composite – if that is not possible, then firms should explain why performance data for a single portfolio is being submitted.
The minimum required assets under management for the asset class can be for either a blended product or pure high yield strategy, it added.
The pension fund is also requesting that the ICE BofA Diversified High Yield US Emerging Markets Corporate Plus (EMLH) be used as a benchmark.
The deadline to participate in this search has been set for 2 July 5pm UK time.
Discovery search for residential real estate
Separately, a consultant is conducting a Discovery on behalf of a pension fund based in Belgium for a €10m residential real estate investment.
The scheme is seeking to invest in a European core/core plus and value-add equity product, according to DS-2696 search.
Participating managers should have a minimum five-year track record. The deadline to apply is 16 June 5pm UK time.
The IPE news team is unable to answer any further questions about IPE Quest, Discovery, or Innovation 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 3465 9330 or email jayna.vishram@ipe-quest.com.
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