Weymouth (Mass.) Retirement System is searching for managers of closed-end or open-end value-added real estate funds to run up to $5 million.
The $180 million pension fund could hire more than one manager. Fiduciary Investment Advisors, investment consultant to the pension fund, is assisting with the search.
Both private equity real estate investment funds that make direct investments and funds of funds will be considered. Proposed strategies should be reasonably diversified by geographical location and sector, according to the RFP.
This is a new allocation for the plan, said Maura K. Goulart, director of client services at Fiduciary Investment Advisors. The search is being conducted to diversify the board's 10% real estate allocation. Funding for the allocation is yet to be determined.
The RFP is available on Fiduciary Investment Advisors' website. Proposals are due by 4 p.m. EDT on Oct. 4. A selection is expected to be made either late in the fourth quarter or early in the first quarter of 2018, said Ms. Goulart.