Institutional Mandate Intelligence Case Studies
Resume:
PENSIONMANDATE
case studies
Institutional mandate intelligence in practice
Updated edition September 2026
PENSIONMANDATE DATABASE CONTENT
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The questions behind a mandate pursuit
A 2026 update to the original product-area examples 01 Live mandates Which searches are open, what do they require, and when do they close? 02 Pipeline signals Which allocation changes or governance events may lead to a search? 03 Investor context How does the allocator invest, and which mandates already sit in the portfolio?
04 Consultant influence Which advisers shape the process, and where else do they have relevant clients?
05 Decision makers Who owns the investment decision and who supports due diligence? 06 Manager history Where are incumbent relationships changing, terminating, or expanding? Source: PensionMandate website and FAQ, accessed 14 September 2026. PENSIONMANDATE PLATFORM SNAPSHOT
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Published coverage figures
Reported by PensionMandate in its current public materials 28,000+
mandate and allocation reports
5,000+
RFP alerts
6,500+
pre-RFP signal alerts
100,000+
investor and consultant profiles
$500bn
reported total RFP value
200+
investment firms using the service
Source: PensionMandate US brochure and website, accessed 14 September 2026. PENSIONMANDATE PURSUIT WORKFLOW
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Institutional pursuit workflow
Each stage draws on a different layer of the database 01
Detect
A board agenda,
allocation shift, or
manager event creates
the first signal.
02
Validate
Investor history and
consultant context test
whether the opportunity
fits.
03
Size
Asset class, mandate
structure, value, and
timing define
commercial priority.
04
Navigate
Key people and process
milestones guide
contact planning.
05
Track
Status changes and
outcomes keep the
account record current.
The case studies connect live RFPs, allocation decisions, and manager changes to practical research workflows. PENSIONMANDATE POTENTIAL TO APPOINTMENT
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Potential alert to manager appointment
Three investors with dated records across the mandate lifecycle 01
Potential signal
An allocation review or
governance decision
documents the initial
opportunity.
02
Search evidence
A search, candidate list or
finalist record defines the
mandate and timing.
03
Manager decision
The investor names a firm or
reports an approved
allocation.
04
Implementation
Funding, account structure or
a transition confirms the
portfolio outcome.
Milwaukee ERS
$215m core fixed income
Florida SBA
$928m emerging markets debt
LACERA
Up to $750m multi-asset credit
Source: PensionMandate alert records accessed through the PensionMandate data service, 14 September 2026. PENSIONMANDATE POTENTIAL TO APPOINTMENT
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Milwaukee ERS: active core fixed income
United States - strategic allocation, manager search, shortlist and funded mandate OUTCOME
$215m
active US Aggregate fixed income
mandate
APPOINTED MANAGER
Galliard Capital Management
Performance began 14 July 2026
01 18 Mar 2025
POTENTIAL
ERS considered raising core fixed income by 2% or 5%, with the larger option worth about $300m.
02 23 Jan 2026
SEARCH
Callan led an active core fixed income search for an estimated
$215m mandate.
03 13 Apr 2026
SHORTLIST
ERS invited PPM America, Income Research + Management, Galliard and Baird to interview.
04 7 Sep 2026
APPOINTED
The completed record names Galliard. Its performance began on 14 July after the BlackRock passive sleeve ended. The records move from a strategic allocation decision to a defined search, finalist interviews and an implemented active mandate.
Sources: PensionMandate alerts 10101e10, 74d50f3c, a1b176de and fbad80e9. Accessed 14 September 2026. PENSIONMANDATE POTENTIAL TO APPOINTMENT
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Florida SBA: emerging markets debt
United States - fixed income review, manager search and completed multi-manager deployment OUTCOME
$928m
combined emerging markets debt
allocations
COMPLETED ALLOCATIONS
RBC GAM $465.5m
GMO $231.25m
abrdn $231.25m
The completed records identify all three firms as existing manager relationships.
01 9 Dec 2024
POTENTIAL
The Investment Advisory Council reviewed the fixed income asset class.
02 2 Jun 2025
SEARCH
The EMD search was under way. SBA expected three finalists and considered funding in stages.
03 Q2 2026
IMPLEMENTATION
SBA deployed capital through three emerging markets debt vehicles.
04 7 Sep 2026
MANAGER OUTCOME
Completed records report allocations to RBC, GMO and abrdn, with Mercer named as consultant.
The records narrow a broad fixed income review into a completed $928m deployment across three emerging markets debt managers.
Sources: PensionMandate alerts 9cfd5eb9, d6d9f39f, 6a666cdb, 1256ef5f and 814c5110. Accessed 14 September 2026. PENSIONMANDATE POTENTIAL TO APPOINTMENT
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LACERA: multi-asset credit DMA
United States - hedge fund expansion plan and customized credit manager appointment OUTCOME
$750m
maximum allocation through a
dedicated managed account
APPOINTED MANAGER
Cheyne Capital Management
Board report-out dated 12 August
2026
01 8 Aug 2023
POTENTIAL
LACERA planned to add hedge fund bench managers over the next one to three years.
02 16 Apr 2024
POLICY
The hedge fund target rose from 6% to 8%, an increase worth about $1.5bn.
03 14 Aug 2026
PLATFORM
A Potential record described continued expansion of the customized credit and risk mitigation DMA platform. 04 1 Sep 2026
APPOINTED
The completed record names Cheyne for up to $750m in a multi-asset credit dedicated managed account.
The appointment fits the earlier plan to expand customized hedge fund and credit capacity through dedicated accounts.
Sources: PensionMandate alerts 065b7539, 95160bb8, 12e6c4bc and 773c73c3. Accessed 14 September 2026. PENSIONMANDATE LIVE RFP 01
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Government Employees Pension Service
South Korea - Global Bond ETF Manager Search
KRW 100bn
Approximate allocation per appointment
2 managers
Potential combined allocation of about
KRW 200bn
16 Sep 2026
Application deadline at 16:00 Korea time
MANDATE
Global Bond EMP
Discretionary mandate
Overseas bond ETFs and government
bonds
Blended Bloomberg Global Aggregate
benchmark
ELIGIBILITY
Korea investment team for foreign firms
KRW 10bn eligible overseas bond AUM
KRW 10bn total equity capital
Minimum 3-year relevant track record
PROCESS
Physical submission with a 50-page
proposal limit
Quantitative review, onsite due diligence
and manager presentations
Final selections expected by early
November
COMMERCIAL READ
The screen favours managers with a
Korea-based platform, ETF portfolio
construction experience and
benchmark-aware global bond risk
controls.
Source: PensionMandate alert record, accessed 14 September 2026. PENSIONMANDATE LIVE RFP 02
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alpha portfolio advisors GmbH
Germany - Global Small Cap Equities Manager Search EUR 100m
Initial investment for a German pension
fund
Active
Long-only strategy with unrestricted
tracking error
18 Sep 2026
Deadline to complete product data by close
of business
MANDATE
Global small-cap equities
Special fund or UCITS mutual fund
Unhedged currency exposure
Derivatives permitted
PORTFOLIO SCOPE
Benchmark examples include MSCI ACWI
Small Cap and MSCI World Small Cap
The investor places no restriction on target
tracking error
SUBMISSION
Complete the alphaport manager profile
Update performance through 31 July 2026
Upload accurate benchmark data, the
latest presentation and fact sheet
COMMERCIAL READ
The mandate gives active managers
wide portfolio flexibility. Complete
product data and accurate relative
performance determine whether the
strategy enters the screen.
Source: PensionMandate alert record, accessed 14 September 2026. PENSIONMANDATE LIVE RFP 03
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IRCANTEC
France - Social Bonds Manager Search
EUR 300m
Initial indicative allocation to one
manager
EUR 1bn
Maximum assets under the framework
07 Oct 2026
Candidature deadline at 11:30
MANDATE
Active Social Bond portfolio
Dedicated French-law FCP or FPS
At least 80% Social or Sustainable Bonds
At least 70% Social Bonds
PORTFOLIO RULES
Bloomberg Global Aggregate Social Bond
Index Hedged EUR
At least 95% currency hedging
Portfolio ESG rating above the benchmark
Detailed social-impact reporting
SELECTION
Phase 1 scores capability and financial strength
The five highest-ranked candidates can reach
Phase 2
Final scoring gives technical quality 80% and
cost 20%
COMMERCIAL READ
IRCANTEC assesses investment
performance alongside security-level
social impact analysis. Applications
must use the PLACE platform and be in
French.
Source: PensionMandate alert record, accessed 14 September 2026. PENSIONMANDATE LIVE RFP 04
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Austrian Pension Institution
Austria - Core Residential Real Estate Manager Search EUR 10m
Investment in an existing residential fund
>4.0%
Target distribution yield
30 Sep 2026
Submission deadline to FAROS Consulting
MANDATE
Core residential real estate
Austria, Germany or Europe
Existing Immobilien-Spezialfonds
Monthly valuation in EUR
ELIGIBILITY
At least 7 years of live performance
Minimum EUR 750m strategy AUM
German-speaking relationship contact
Residential property must remain the focus
EXCLUSIONS
Mixed-use funds will not qualify
New launches without a confirmed date
will not qualify
Forward deals may form only a minor part
of the strategy
COMMERCIAL READ
The criteria direct the search toward
established specialist funds with scale,
a long operating history and a clearly
residential portfolio.
Source: PensionMandate alert record, accessed 14 September 2026. PENSIONMANDATE LIVE RFP 05
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Ohio Bureau of Workers' Compensation
United States - Active US Aggregate Core Plus Fixed Income Manager Search
$6.9bn
Target allocation for the State Insurance
Fund
$2.3bn
Potential unfunded capacity before
incumbent reallocations
24 Sep 2026
Proposal deadline at 14:00 Eastern Time
MANDATE
Two or more active Core Plus managers
Separately managed account required
Bloomberg US Aggregate benchmark
All securities denominated in US dollars
PORTFOLIO RULES
High yield, emerging markets and other
plus sectors capped near 30%
Derivatives currently prohibited
Initial contract term of about five years
MINIMUM SCALE
$25bn firmwide AUM
$20bn fixed income AUM
$3bn in the proposed strategy
One $500m+ comparable separate account
Seven-year performance history
COMMERCIAL READ
BWC can allocate the current funding
gap and reassign incumbent assets.
Meketa screens qualifications, and
firms must use OhioBuys for all RFP
communication.
Source: PensionMandate alert record, accessed 14 September 2026. PENSIONMANDATE CASE 06 DELEGATED MANAGEMENT
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City of Hamilton: $300m IMCO appointment
The scope extended beyond investment selection
Approx.
$300m
Three closed legacy pension
plans
The separate open plan remained outside
the appointment.
Mandate scope
Portfolio construction
Asset allocation advice
Investment management
Risk oversight and reporting
Commercial interpretation
Delegated opportunities may reward governance and operating capability alongside investment performance.
Public market example. Source: PensionMandate blog, 3 August 2026. Interpretation by PensionMandate case-study update. PENSIONMANDATE CASE 07 LINKED ALLOCATIONS
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Montana: $210m in linked commitments
One board record connected real estate and evergreen credit allocations 100
50
45
15
Copenhagen / CAPP
Marcus / CAPP
Copenhagen / Trust pool
Copenhagen / State fund $160m
Copenhagen Evergreen Credit Fund
across three pools
$50m
Marcus Capital Partners Fund V
from CAPP
Database use: connect related commitments by
board, pool, manager, vehicle, and asset class.
USD millions. Public market example. Source: PensionMandate blog, 31 August 2026. PENSIONMANDATE CASE 08 POOLED IMPLEMENTATION
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Lambeth: £77.5m in impact venture commitments
The decision record remained commercially relevant after manager approval
£77.5m
aggregate private-equity commitments
Managers named
Schroders
Future Planet Capital
Antler Funds
1 Selection
UK Impact Venture Capital managers approved in January and February 2026.
2 Due diligence
Manager review and legal documentation completed.
3 Implementation
Operational implementation and pooling through London CIV still progressing.
Database use Track approval, diligence, and implementation as distinct statuses.
Public market example. Source: PensionMandate blog, 31 August 2026. PENSIONMANDATE CASE 09 REPLACEMENT SIGNAL
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NDPERS: replacement triggered by liquidation
The plan recommended a new US small- and mid-cap core strategy Trigger
J.P. Morgan US SMID Core
Fund entered liquidation.
Recommended replacement
BlackRock Systematic Active Russell
2500 Alpha Tilts
Status at publication
Investment Subcommittee recommendation. Amount undisclosed. Formal Board action scheduled for 31 August 2026.
Database use: replacement and termination filters
can reveal opportunity even when allocation value
remains unknown.
Public market example. Source: PensionMandate blog, 31 August 2026. PENSIONMANDATE ROLE-BASED RESEARCH
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Research paths by commercial role
A practical structure for demos, onboarding, and account planning Role First question Database views Working output
Sales Which mandates fit our products now? RFPs, investor profiles, key people Weekly pursuit list Marketing Where is activity concentrating? Analytics by region and asset class Campaign audience Competitive intelligence Where are incumbents changing? Manager history and terminations Competitor brief Relationship
management
Who influences target accounts? Consultants, clients, decision makers Account map These are suggested workflows, not claimed customer outcomes. Source basis: PensionMandate FAQ and website product descriptions, accessed 14 September 2026. PENSIONMANDATE NEXT STEP
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Let's have a call to discuss it in
more detail
We can review the markets and strategies that matter to your team, then show how PensionMandate supports your mandate pipeline. *******@**************.***
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