Real Estate
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.
The plan committed a total of $20 million across private equity and real estate at its October board meeting.
The pension plan liquidated an international equity mandate and made $1.8 billion in total commitments in September.
Expansions will help the systems reach their goal of having 15% of U.S.-based actively managed investment assets with diverse-owned firms by 2025 and 20% by 2029.
The pension fund added $11 million in non-core real estate commitments at today’s board meeting.
The pension plan hired a new domestic large-cap growth equity manager and committed to an existing opportunistic real estate manager today.
The plan approved two non-core real estate strategies at a meeting today.
Retirement fund made real estate debt and private equity commitments at the end of the third quarter.