California Public Employees' Retirement System real estate subcommittee approved a real estate investment manager selection schedule that calls for preparing RFPs for real estate advisers beginning early next year for its $4.1 billion core real estate portfolio.
If final approval is given by the $100 billion fund's investment committee on Dec. 16, each manager will be asked to provide a team dedicated solely to managing properties for Sacramento-based CalPERS.
David Gilbert, the fund's senior real estate investment officer, expects to prepare an RFP proposal for apartment investments during the next few months and issue the RFP in mid-March. RFP issuances are expected in early May for industrial managers, in mid-June for office managers and mid-August for retail managers. The fund's existing core manager contracts are up at the end of next year, but can be terminated on 30 days' notice.
The selection process is expected to conclude in mid-June for apartment managers, July for industrial managers, August for office managers and October for retail managers.
In each real estate category, the fund is expected to select one team for the eastern United States and one for the West. A manager could be selected for one region or both regions in each category, and possibly more than one real estate category.