Chicago Public School Teachers' Pension & Retirement Fund may search for non-core real estate managers later this year, said Michael J. Nehf, executive director. Funding could come from the proceeds of the $86 million Times Square Charter real estate fund, which the $8.8 billion plan is closing. Also, plan officials will review $240 million in real estate investment trusts; based on the results, those assets could be used to fund new managers, Mr. Nehf said.
Trustees don't yet have a timetable for making a decision on the real estate search. Mr. Nehf said there are no plans to increase the fund's current 9.4% allocation to real estate.
Townsend Group is assisting in the review.