Real Estate
The commitments conclude a real estate search that began last year.
The plan approved a private equity commitment at today’s meeting.
The pension plan will conduct two manager searches after approving a fiscal year 2024 real assets investment plan.
The fund approved restructuring its real estate portfolio in favor of a core-satellite portfolio with a core mandate and two to three satellite managers and also added two 130/30 managers to create a market cap and style neutral portfolio structure.
The pension plan recently committed $275 million total to two funds and terminated existing convertibles and real estate debt strategies.
The plan disclosed making private equity and absolute return commitments with existing managers during the second quarter.
The plan disclosed private equity, private credit and real estate commitments at a board meeting today.
The plan eliminated one firm from consideration after finalist interviews today.
The search follows the plan increasing its real estate target by 5% earlier this year.
The commitment will help move the retirement system closer to its 30% non-core real estate target.