Public Employees Retirement System of Colorado, Englewood, terminated four of its eight separate account real estate managers as part of its strategy to make fewer direct property investments.
Performance was not an issue, said Sol Raso, director of real estate.
The $18 billion pension fund terminated Cabot Partners, L&B Real Estate Counsel, Metric Realty and Prudential Real Estate Investors, said Mr. Raso. The fund retained Heitman Capital Partners, INVESCO Realty Advisors, LaSalle Advisors and RREEF. INVESCO and RREEF will get properties now managed by the terminated advisers.
The system retained firms that could provide direct and indirect real estate investments and research capability. The fund has increased its investment in property-backed real estate investment vehicles.