The Boston Retirement System is looking for hedge fund-of-funds managers to oversee a combined mandate of approximately $350m, according to a report by Pensions & Investments citing a recent request for proposal (RFP).

The $7bn pension fund is accepting proposals exclusively from managers of multi-strategy hedge funds of funds, according to the RFP posted on the website of its investment consultant, NEPC, which is managing the search process.

The RFP states that the pension fund may choose to add new managers or retain its current managers, Blackstone and GCM Grosvenor. As of 30 June, the two firms managed $166m and $176m, respectively, as reported in the pension fund’s latest investment report.

As of the same date, the actual allocation to hedge funds was 4.9% of the pension fund’s assets, slightly below its 5% target.

John Kelly, the investment analyst for the pension fund, was not immediately available for comment on the search process.