The new real estate subcommittee for trustees of the $98 billion California Public Employees' Retirement System, Sacramento, intends to recommend in June whether it should begin an RFP process for external real estate advisers for its $5.4 billion real estate program. The fund's core and sector real estate adviser contracts expire June 30; apartment adviser contracts expire Oct. 8.
The fund's real estate staff has recommended modification and extension of real estate adviser agreements. The board's real estate subcommittee expressed a preference to proceed with development of a real estate portfolio strategy without initiating RFPs.
