Searches and Hires

Newport, R.I. seeks value-added real estate and real estate debt

Newport, R.I., is looking for a value-added real estate equity manager and a real estate debt manager to run about $5 million each.

Investment consultant Dahab Associates is assisting with the search. The city has about $175 million in trust assets across pension, other post-employment benefits, and trust and scholarship funds.

Both open- and closed-end vehicles will be considered for both searches. The allocations will be split among the plans and more than one manager might be hired for each allocation.

The search is being conducted to fill out the asset allocation, said Steven Roth, chief investment officer at Dahab Associates. Funding will come from the reallocation from equity and fixed income. The current target to alternatives is 15% and they are at approximately 11%.

The RFPs are available on Dahab's website. Proposals for both searches are due by 5 p.m. EDT on March 28. There are no set dates for selections, said Mr. Roth.