An undisclosed institutional investor based in Switzerland has tendered a $25m (€20m) hedge fund/fund of hedge funds mandate using IPE-Quest.

According to search QN1473, the client’s preference is for a global portfolio in the form of single-manager hedge funds.

The mandate calls for the benchmark to be US CPI plus 200 basis points.

Fund managers must have an absolute minimum track record of seven years, and a preferred minimum track record of 10.

The client has said the preferred minimum track record is a “soft limit”.

They should also have at least $500m in assets under management (AUM) for the mandate itself and $2bn in AUM as a company.

Interested parties should state net performance until the end of September.

The closing date for applications is 10 December.

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