Real Estate
The fund approved a real estate debt commitment to an existing manager above previous commitment levels in the third quarter.
The commitments total $850 million to existing relationships.
The pension plan hired three REIT managers to evenly split a $250 million allocation.
The pacing plans call for a total of $835 million across the two asset classes.
The plan deferred its core-plus fixed-income search to its January board meeting.
The pension plan will consider replacing its REIT manager due to the firm’s underperformance.
The plan also decided to not continue with its REIT manager search.
The search will be conducted as part of a new policy to review vendor services every five years.
The plan committed a total of $20 million across private equity and real estate at its October board meeting.
The pension plan liquidated an international equity mandate and made $1.8 billion in total commitments in September.
