Three core-plus real estate managers will vie for a $20 million mandate.
The plan disclosed ten commitments totaling almost $1 billion at its board meeting last week.
The plan’s full board approved new commitments to existing private markets managers at its meeting last week.
The search is due to the plan’s underweight to the asset class.
The $696 million transaction closed this quarter.
Plan postponed a search for an advisor to oversee its private equity and private credit allocations to allow for its cio to participate.
The new fund will focus on opportunistic U.S. real estate.
A 529 plan in the Midwest has swapped several underlying real estate and fixed-income strategies to help reduce fees.
The plan has earmarked its calendar for January to receive private equity and real estate manager presentations for potential commitments.
He will continue to oversee the New York-based firm‘s Americas, U.K. and European investment activities.