Distressed debt among targets of new IPE Quest searches

first_imgPension funds have launched three new mandate searches on IPE Quest in recent days.An unnamed pension fund based in central Europe has tendered a €50m-80m distressed debt mandate, Argauische Pensionskasse (APK) in Switzerland is interested in corporate private placement expertise, and an unnamed Swiss pension fund has a CHF1.5bn (€1.4bn) core bond mandate up for grabs.Distressed debt searchAccording to search QN-2607, the central European pension fund is looking to invest in European and/or US distressed debt. Asset managers should have at least €500m in assets under management for the asset class. No minimum track record is specified.The deadline for applications is 15 May at 5pm UK time.APK’s PP huntArgauische Pensionskasse (APK) has a $100m (€90.6m) corporate private placement mandate to award.According to search QN-2606, the Swiss pension fund is searching for a single manager solution “with the idea of building up a strong and long-term partnership”.The focus within private placements should be on corporates, investment grade or equivalent, a long-term investment horizon, and preferably co-investment solutions. The strategy would be for US investments or global.APK said it would not consider any other kind of private debt solutions. It is after a segregated account with an evergreen structure.Interested parties should have at least $200m in assets under management for the asset class, and $10bn as a firm. They should have a track record of at least 10 years.The strategy should be US or global. The benchmark for pure US solutions, for example, would be the Bank of America Merrill Lynch AAA-A US corporates gross US dollar index plus 50bp.Managers should have originated at least 25 transactions, and should already have at least one segregated account with a Swiss or other European client.Applicants should state performance gross of fees to 31 March 2020. The deadline is 5 May at 5pm UK time.CHF1.5bn core bond mandateIn search QN-2608, an unnamed Swiss pension fund is looking for a manager for a Swiss-franc denominated global “core bond” strategy.Managers should have at least CHF3bn in assets under management for the asset class, and CHF10bn as a firm.As much as possible, the pension fund would prefer to have applicants answer in German.It said the strategy should be close to the benchmark, and that the final mandate will have about a 10% limit for off-benchmark positions. Derivatives are allowed mainly for duration management.The closing date is 8 May 2020.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 [email protected]last_img


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