Real Estate
A trust fund based in a Western state has approved the addition of a private equity fund-of-one, a real estate strategy and a custom, multi-asset alternative mandate to its portfolio.
The commitments include three new manager relationships for the pension plan.
The retirement system hired two firms to manage its 51% private markets portfolio.
The retirement plan hired several managers to move toward its new asset allocation policy.
The retirement fund is scheduled to hear proposed real estate and infrastructure pacing plans at next week’s investment committee meeting.
The search is open to real estate debt, opportunistic and value-add funds.
The two commitments were made for pacing purposes.
The retirement fund terminated a fixed-income manager and made commitments totaling $2.9 billion in March.
The commitment is consistent with the pension plan’s goal of adding geographic diversification to its core real estate portfolio.
The retirement system will receive educations on the asset classes at a third quarter board meeting.