Plymouth County Retirement Association Private Credit RFP Search

June 2024

The Board Members of the Plymouth County Retirement Association (hereinafter “Board”) are seeking proposals from managers of a senior direct lending strategy. More specifically, the Board seeks a demonstrated ability to manage a diversified strategy that directly originates and invests in the senior secured debt (both first and second lien) of mostly North American companies.

The Board intends to commit approximately $20 million to a closed-end investment fund. Only proposals for experienced managers of senior direct lending funds will be considered. Fund-of-funds, co-investment funds, and secondary funds, will not be considered. The objective of this Request for Proposal shall be to identify the manager 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 funds shall be managed in compliance 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 Placement Agent Policy available from http://www.mass.gov/perac/docs/forms-pub/memos/2011/perac-placement-agents-policy.pdf

Please be advised that if you cannot commit to the mandatory contract terms enumerated in Exhibit A, then you should not respond to this RFP. These terms are not negotiable – they are statutory requirements. Please also be advised that in agreeing to be a fiduciary with respect to the funds you invest on the Board’s behalf, you must agree to the prudent person standard set forth in M.G.L. c. 32, §,23(3), not the Delaware Act standard.

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: June 28, 2024 at 12:00pm EST