The $30bn Massachusetts Pensions Reserves Investment Management Board (PRIM) is conducting a search for high yield and timber investment managers.
The PRIM Board is looking to hire one or more managers to invest up to 2% of the fund's total assets in timberland. Initially, the PRIM Board will give up to $600m in funding, with the possibility of increasing that depending upon annual performance reviews. The mandate, according to the PRIM Board, is for diversification reasons.
Applicants for the timber should respond by July 5 and shortlisted candidates will be notified by early August. Interviews are scheduled for September 11 with a final decision expected by September 27.
The other mandate up for tender is an active $600m high yield portfolio, benchmarked to the Credit Suisse First Boston high yield index. The closing date is June 25 and shortlisted candidates will be contacted by the start of August. Interviews are provisionally set for September 11 with a final decision expected by September 27.
The Pension Reserves Investment Management Board is the body that supervises the Pension Reserves Investment Trust (PRIT) Fund. The PRIT Fund is a pooled investment fund that invests the assets of the Massachusetts State Teachers' and Employees' Retirement Systems, as well as the assets of the county, authority, district, and municipal retirement systems in the state.
By Geoffrey Ho
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