Real Estate
The commitment represents a new relationship for the plan.
The plan terminated a core real estate manager that had been on watch since March for both organizational and performance reasons.
Plan disclosed $415 million in recent alternatives commitments from December.
The plan added up to $340 million in commitments to existing private equity and real estate manager relationships.
The fund is looking for multi-family real estate specialist managers as it looks to transition some of its portfolio’s overweight industrial exposure to multi-family real estate.
The plan added a follow-on private real estate commitment earlier this quarter.
The plan also approved two real assets commitments along with a 2023 pacing plan at last week’s meeting.
The plan eliminated its $1.4 billion internally managed global REIT allocation to meet the objective of its real assets portfolio.
The board of trustees will consider the placing plans at its Dec. 20 meeting.
The plan was notified of two credit commitments and a core real estate manager termination at yesterday’s board meeting.