El Paso (Texas) Firemen & Policemens Pension Fund by early next year will search for at least one commingled real estate fund for a total investment of $22 million, said Robert Stanton, pension administrator. Officials at the $430 million pension plan decided to devote 5% of total assets to real estate, a new asset class, he said. Funding will come from reducing the fixed-income allocation to 30%. Terminations are not expected. Details of the search have not been finalized, but plan officials will not issue RFPs, he said.
Summit Strategies advised.