The RFP was approved at yesterday’s board meeting to increase the plan’s commitment to private core real estate and to non-core real estate.
The search is open to real estate debt and opportunistic strategies.
The plan is conducting the search for due diligence purposes.
The current consultant will see its contract expire at the end of the year.
The plan approved a new domestic equity structure that shifts the portfolio to 100% passive.
The plan retained its incumbent in 2020 following a similar search.
The investment consultant was also rehired in 2019 following a similar RFP process.
The plan terminated its incumbent mid-cap core manager last month.
The plan will also terminate two existing hedge fund managers.
The retirement system is looking to invest up to $15 million to the strategy.