Fondo Pensione del Monte dei Paschi di Siena (MPS), the pension scheme for the employees of the Italian bank, is seeking to appoint asset managers to manage its defined benefit (DB) sub-fund, and to invest in Italian private equity.
The pension fund is looking for an asset manager to invest €70-80m in private equity alternative investment funds (AIFs), with a 70% allocation to Italian assets.
The proportion of venture capital investments within the private equity mandate cannot exceed 20% of total assets, while co-investments cannot exceed 30% of total assets. Also, investments in debt/credit instruments cannot exceed 10% of assets, it said.
The deadline for applications is 9 January 2025, according to the fund’s tender notice.
As for the pension fund’s €92.1m DB sub-fund, which is split into nine options, there is a €80m cash-driven investment (CDI) with liquidity matching mandate up for grabs.
The selected asset manager will invest in liquid bond instruments, and Undertakings for the Collective Investment in Transferable Securities (UCITS), with the use of derivatives and repurchase agreements allowed within the limits set by law, it added.
The scheme will pick an asset manager able to pursue a strategy that matches the sub-fund’s liquidity needs, while preserving the value of the portfolio’s assets.
The deadline for applications for the DB sub-fund mandate is 8 January 2025.
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