Real Estate
The new domestic small- to mid-cap core equity allocation will complement the retirement system’s existing small-cap manager.
The investment division has awarded a contract in its real estate consulting services search launched in January.
The plan totaled nearly $690 million in commitments across its private equity and real assets portfolios last week.
The plan will consider adding a dedicated target to the asset class this week.
The plan reviewed proposed allocation mixes that add a dedicated high-yield bond target while significantly increasing intermediate grade core-plus fixed-income, both of which would result in searches for new managers.
The pension plan made $665 million in total private equity/current return and real estate commitments in the second quarter.
The pension’s investment committee introduced a 2.5% target to non-core real estate at this month’s investment committee meeting.
The plan was slated to hire replacements for two incumbent core real estate managers last week.
The retirement fund disclosed nine commitments totaling $1.2 billion in May.
The retirement system voted to commit to an additional core real estate manager to diversify its allocation.
