Oklahoma Teachers' Retirement System, Oklahoma City, is considering issuing an RFP for opportunistic real estate managers to run about $130 million, at the recommendation of its investment consultant, AndCo Consulting.
No action has been taken by the board yet, said Tom Spencer, executive director of the $16.9 billion pension fund, in an email.
The pension fund increased its target asset allocation for real estate to 9% from 7% last year.
The system has about $1.2 billion in real estate investments, about 75% of which is invested with core real estate managers AEW Capital Management, Heitman and L&B Realty Advisors. The remainder is in opportunistic accounts with American Realty Advisors, Lyrical-Antheus Realty Partners, Dune Real Estate Partners, GreenOak Real Estate, Landmark Partners, Starwood Capital Group and L&B Realty.
No timeline has been set. But if a search were to be conducted this calendar year, the due diligence process would likely happen in late summer, Mr. Spencer said. Incumbent managers would be allowed to bid.