Real Estate
The commitments include four new managers for the plan.
The pension plan approved four commitments totaling $110 million and 2024 real estate and real assets pacing plans yesterday.
The pension plan made 14 commitments across its private equity and real estate portfolios in the fourth quarter.
The pension plan made private markets commitments totaling $16.25 million last month and will consider a 2024 pacing plan this week.
The RFP will be issued next month as part of a private markets pacing plan.
The searches are for international small-cap equity, emerging markets equity, real estate, private equity and private debt managers.
Nonprofits still see opportunities in alternative asset classes, like smaller or specialized buyout strategies, venture funds or private debt strategies that benefit from macro trends like the higher interest rates, rapid development of artificial intelligence or transition to clean energy.
The firm’s latest fund targeting value-added investments in hotels across the U.S. was oversubscribed after receiving commitments from endowments, foundations, public and corporate pension plans, insurance companies and wealth management firms.
The plan made several commitments in alternatives asset classes in November and December.
The plan also committed to a non-core real estate fund and will redeem from a core fund.