The three Orlando city pension funds, whose assets total some $380 million, are concerned about the time Cabot Partners is taking to put together its commingled real estate fund, said Bruce Harter, city treasurer. He said any delays beyond September could lead the funds to seek to place their allocation elsewhere.
The Orlando General, Police and Fire pension funds hired Cabot last year, committing some $4 million. ``We have yet to have a capital call,'' he said. Mr. Harter recognizes a commingled fund is a new vehicle for Cabot, which is well regarded for its separate account real estate investing.
At Cabot, Robert M. Angland, president, acknowledged, ``It's been a little slower going than expected'' in putting together the new Cabot Industries Trust, which hopes to raise $100 million initially. ``We're not there yet.'' He won't say how much the trust has raised in commitments, but said, ``I expect we will be there in the next few months.''