REIT
The search will target domestic long-only REIT managers.
The plan is seeking managers to handle a total of $135 million.
The pension plan hired three REIT managers to evenly split a $250 million allocation.
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 searches are part of an implementation plan for its newly increased target allocation to yield-driven strategies.
The searches are part of an implementation plan following approval of a new asset allocation in May.
CIO Jonathan Grabel recently rehired the trust’s public markets passive manager and the pension plan made a $270 million private equity commitment this week.
The plan recently committed approximately $2.2 billion total to nine funds.
The plan expects to conclude the search process in the third quarter.