Searches And Hires
The city received five proposals in response to an RFP seeking investment management and advisory services.
The pension plan approved a fiscal year 2025 real estate investment plan on Friday that calls for $240 million in total commitments to the asset class.
The contract of the current investment consultant is set to expire next year.
The plan hired two private equity firms after finalist interviews last month.
The plan also hired an international small-cap equity manager after finalist interviews.
The search is to potentially replace an incumbent that is currently on watch.
The city last conducted a search for the services in 2020.
The pension plan eliminated its 5% real estate target as part of a new asset allocation policy approved in the first quarter.
The search follows the termination of its active manager last month.
The retirement fund disclosed commitments totaling roughly $2.1 billion in May.