Florida State Board of Administration, Tallahassee, selected as finalists Duff & Phelps, Altus Group and Real Estate Research in a search for appraisal management administrators for real estate and alternative investments, according to John Kuczwanski, FSBA communications manager.
The board could make a decision by March 1. It could hire more than one firm.
Duff & Phelps is the incumbent for real estate appraisal management administration. Its contract expires March 31. Murray Devine, incumbent for alternatives appraisal management, has a no-term contract. It was permitted to rebid.
The FSBA oversees $162.3 billion in assets, including the $132.1 billion Florida Retirement System defined benefit plan, which had $10 billion in real estate and almost $13 billion in alternative investments, consisting of $6.6 billion in private equity and $6.3 billion in hedge funds and other opportunistic strategies. The values are as of Feb. 22.