Public Notice

The Board Members of the Plymouth County Retirement Association (hereinafter “Board”) are seeking proposals from managers of a diversifying hedge fund strategy for its Hedge Funds asset class. This search is being conducted in an effort to comply with PERAC's seven-year investment vendor regulation. The Board has approximately $30million currently invested in the asset class.

Diversifying hedge fund strategies include, but are not limited to, global macro, relative value, market/duration neutral equity and/or credit, alternative risk premia, multi-strategies, and fund of hedge funds that include some, or all, of the previous strategies mentioned. A desired characteristic of the strategy is minimal net equity, credit spread, and duration exposure. These seek to generate uncorrelated returns to these commonly held from alpha and/or exposure to non-traditional risk premia.

Evaluating strategies which may fit as diversifiers often includes considering approach, geography, breadth, and implementation. Investment managers may employ systematic or discretionary approaches and seek to generate excess returns through idiosyncratic risk exposures, predicting market moves or exploiting other market inefficiencies.

The following strategies are not being considered for this search:

• Directional long/short equity only (market neutral or low-net approaches (< 40% average net exposure) are acceptable)
• Directional long/short credit only (market neutral or low-net approaches (< 40% average net exposure) are acceptable)
• Trend following / managed futures
• Tail Risk
• Long Volatility

The Board reserves the right to disqualify strategies that exhibit higher levels of correlation to the previously mentioned exposures.

The objective of this Request for Proposal shall be to identify manager(s) whose expertise will best meet the Board's goals and needs.  The Board reserves the right to reject any and all proposals at its discretion.

The selected manager(s) must have familiarity with, and agree to comply with Massachusetts General Laws, Chapter 32 and Chapter 176, the regulations of the Massachusetts Division of Public Employee Retirement Administration Commission, 840 CMR, and the PERAC Placement Agent Policy.  Please see http://www.mass.gov/perac/ for details. All materials submitted in connection with this search may be subject to disclosure consistent with Massachusetts Public Record laws.

All bidders are hereby advised that any proposal selected shall be subject to (1) approval of the Board, (2) a written contract and (3) approval of the engagement by the Massachusetts Public Employee Retirement Administration Commission (PERAC).

Due date deadline:    July 16, 2025, at 12:00pm EST

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