£500m global fund of hedge funds selection mandate
A multi-billion sterling corporate pension fund with a diverse investment portfolio across alternative and traditional asset classes.
The pension fund was looking to deploy £500m into funds of hedge funds through a small number of bespoke managed accounts. Our client needed an expert adviser to understand its specific needs, to establish a universe of potential suppliers and develop and run the selection and due diligence process, identifying those managers most able to meet these needs.
After spending time with the pension fund’s investment team, we scoped the mandate and constructed bespoke due diligence questionnaires. The responses allowed us to distil the universe into a long-list, which was then subjected to a customised manager selection process, incorporating both quantitative and qualitative filters. The output served to identify a shortlist of candidates, on which we then conducted investment and operational due diligence. The shortlisted candidates were subsequently called for interview with a panel consisting of the pension fund’s CIO and Deputy CIO, supported by members of our manager research team.
The client was pleased to award a mandate to one of the shortlisted managers and subsequently engaged our team to complete additional investment and operational due diligence on another allocation within its alternatives portfolio.
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