US - The Pension Benefit Guaranty Corporation (PBGC) is seeking to form strategic partnerships with outside firms to assist the corporation in carrying out its new investment policy.
Under the current request for proposals, PBGC seeks two to three firms to manage $2-2.5bn in these asset classes.
In addition, the firms must have global operations and must have successfully managed private equity or real estate allocations, as well as at least $1bn in strategic partnerships, within the past three years.
PBGC director Charles E.F. Millard said: "As our investment portfolio has become increasingly diversified, we are using more sophisticated techniques to mitigate risk and safely enhance returns.
"By entering into strategic partnerships with firms that have top-tier expertise in alternative investment classes, we seek to build capacity to better oversee our portfolio."
Millard explained the PBGC would leverage the entire array of financial, quantitative and qualitative resources of each firm.
He added the corporation anticipated these resources would include asset management, consolidated performance reporting, risk mitigation, staff training and other resources that bidders may propose.
Millard also emphasised the responsibility of the PBGC and its investment advisers in the face of the corporation's $14bn deficit.
He said: "With our new asset allocation, asset managers with top-tier performance, and the help of excellent strategic partners, PBGC will have a much sounder foundation for the future."
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