Real Estate
The plan will review allocation options in June after receiving educations at its board meeting yesterday.
The plan will look to identify potential diversification opportunities outside core real estate to increase its expected return.
Plan will seek one core firm and one core-plus bond manager to split a proposed long-term target of 24% to the overall asset class.
He is responsible for real estate investment origination, underwriting and management across the firm’s portfolio.
The European core-plus real estate manager will help move the plan closer to its 15% real estate target.
Plan’s first non-core real estate commitment came at a special meeting on Monday.
Plan’s investment committee named a winner after interviewing two finalists.
New $4 million commitment was made to a new manager in February.
The search is due to the expiring contracts of two incumbents managing a total of $440 million.
Plan added a pair of direct lending commitments totaling $250 million and a $76.4 million European real estate commitment.