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Maryland looking for real estate consultant

Maryland State Retirement & Pension System, Baltimore, issued a request for information for a real estate consultant.

Current consultant Pension Consulting Alliance is eligible to rebid for the contract, spokesman Michael Golden said. The contract starts May 1 and is for five years, with the option of two, one-year extensions, the RFI said.

As of Nov. 30, the $45.5 billion pension fund had 8.3% of assets in real estate. The target allocation for real estate is 10%.

As of Sept. 30, 2016, the pension fund had roughly $663.7 million invested in REITs and $3.2 billion in private funds. Another $700 million committed to private real estate funds has not been drawn, the RFI said.

The pension fund could choose one or more firms to provide all or some of the services, or “may determine not to choose any firms,” the RFI said. Interested firms are encouraged to use minority-owned business enterprises.

The RFI is available on the pension fund’s website. Proposals are due by 4 p.m. EST on Feb. 15.