Newton (Mass.) Contributory Retirement System on Monday will issue an RFP for a private core real estate manager to run $8 million in an open- or closed-end fund, said Rafik Ghazarian of consultant Segal Advisors. The $218 million system will move the money from a Fidelity closed-end real estate fund, which was liquidated, he said. "They were very satisfied with Fidelity but Fidelity does not have another comparable fund in which to reinvest the proceeds, Mr. Ghazarian said.
Proposals will be available via e-mail at [email protected], and are due July 10. Selection is expected by September, Mr. Ghazarian said.