Real Estate
The pension plan will liquidate its $227.5 million timber mandate and $106.4 million farmland mandate due to underperformance.
The pension plan committed $140 million total to two managers yesterday.
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.