East Bay Pension Opens Search for Fixed Income Managers

The East Bay Municipal Utility District Pension Plan has issued two separate RFPs for US-based high yield and bank loan fixed-income managers.

For its $190M high yield and $130M bank loan fixed-income mandates, the pension said qualified firms must have a minimum total AUM of $10B, with $1B invested in the relevant bond strategy. Candidate firms for the manager searches must also have a five-year performance history under the same decision-makers within their respective strategies.

The pension intends to invest in one to two high yield fixed-income managers for approximately $95M each in the case of two managers, and approximately $65M each for up to two bank loan fixed-income managers. Proposals in response to both searches will be accepted until December 9. Meketa is assisting in the search process.

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