Denmark’s LD Pensions has launched a tender for listed alternatives, seeking asset managers for a mandate with an expected size of DKK2bn (€268m).
The Frederiksberg-based pension fund manager has announced via EU’s TED procurement website that on behalf of its subsidiary Kapitalforeningen LD, it is looking to select an investment manager to provide investment management services for LD Pensions’ assets within listed alternatives.
The institution – which manages the Holiday Allowance Fund (Lønmodtagernes Feriemidler) and the Cost-of-Living Allowance Fund (Lønmodtagernes Dyrtidsmidler) – said the size of the mandate was indicative, because it was unable to determine the volume in advance.
“The objective for the mandate is to outperform private market returns over a full market cycle by investing in listed alternative securities, like listed investment companies, listed investment trusts, listed closed-end funds, investment companies, business development companies, REITs and venture capital trusts – all with underlying exposure to private market assets,” LD Pensions said in the tender notice.
Describing its selection criteria, LD Pensions said the tenderer should have experience with managing a fund or segregated account with the type of securities mentioned, and should submit a description of between one and three track records or references, including a description of the securities involved and how they were managed.
The track record should list the client, concern a mandate of at least €20m, and still be ongoing or concluded in the last three years, the Danish pensions manager said.
The mandate being offered is for 60 months, subject to up to two 12-month renewals.
The deadline for receipt of tenders or requests to participate is 11pm on 17 August, according to the tender notice.
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