SEARCHES AND HIRES

Massachusetts Water pension plan seeks real estate manager

Massachusetts Water Resource Authority Employees' Retirement System, Chelsea, is looking to allocate up to $4 million to a private real estate fund.

NEPC, investment consultant to the $480 million defined benefit pension system, is assisting with the search.

Funding will come from multiple parts of the portfolio, said NEPC analyst Colin Hatton.

Candidates must be raising a closed-end value-added or opportunistic real estate fund to be considered. Open-end core real estate managers and real estate investment trusts will not be considered.

The final close of the fund may not be earlier than the fourth quarter and the board prefers that the proposed fund is raising at least $250 million, though lower amounts may be considered at the board's discretion.

Proposals are available on NEPC's website.

Proposals are due by 4 p.m. EDT on June 9. A selection date has not yet been decided, but a final decision will likely be made sometime in the third quarter, Mr. Hatton said.

Carolyn Russo, retirement system executive director, could not be reached.