The Westfield Retirement Board has issued a formal request for proposals to acquire private‑equity secondaries. By launching the RFP, the board signals intent to redeploy capital from mature holdings into more liquid assets. Investors will now compete to offer portfolios that match Westfield’s risk tolerance and expected return profile. The solicitation covers buyout, growth and distressed funds across North America and Europe.

The move follows a broader trend of pension funds turning to secondaries to boost liquidity and shorten investment horizons. Market data shows secondary volumes rising 12% year‑over‑year, driven by heightened demand for cash‑generating assets amid uncertain market conditions. Such inflows also help managers prune legacy positions and improve balance‑sheet metrics. Westfield’s bid could add several hundred million dollars to the secondary market pipeline.

Dealmakers will need to price bundles that satisfy Westfield’s target internal rate of return, likely around 8%‑10%. Success will hinge on the ability to source high‑quality, low‑leverage assets that complement the board’s existing portfolio. Investors will scrutinize fee structures and redemption terms to ensure alignment. The RFP underscores growing institutional appetite for secondary transactions as a core component of long‑term asset allocation.