Appointment of Pension Fund Manager - Direct Corporate Lending

Essex Pension Fund are seeking to appoint an Investment Manager for a Direct Corporate Lending mandate of

approximately £200m-£250m.

• Tenderers must be appropriately regulated to manage a Direct Corporate Lending mandate for an LGPS client;
• Tenderers must be actively raising capital for a close ended commingled Fund in Q2 and Q3 2021;
• The Fund must seek to lend 90% or more of assets to 1st lien senior secured corporate debt, to mid - large

cap companies;

• Tenderers must be the sole or lead lender in the majority of loans;
• The majority of loans must be structured with financial maintenance covenants as a minimum;
• The Fund should be either Global or European focused;
• The Fund should target a net return in the region of cash plus 5% - 6% p.a.;
• The Fund must have a minimum target size of £2 billion;
• Tenderers must be on at least their 3rd Fund raise for this specific strategy;
• Tenderers must have at least a 5 year track record in Senior Secured Direct Corporate Lending
• Tenderers must be able to comply with the appropriate LGPS regulations;
• The Council reserves the right to alter the value of the funds awarded and this may change over time;
• The Council reserves the right to alter the length of the contract.