Seattle City Employees' Retirement System is considering its first investment in timber, said Mel Robertson, CIO. The $1.36 billion system is meeting with managers to learn about the asset class. Mr. Robertson is also compiling a shortlist of managers to make presentations to the plan's investment committee, which would then determine whether to proceed. There is no timetable, and no consultant is being used, he said.
Mr. Robertson also is investigating first-time investments in distressed debt and mezzanine debt. Any investment would be for $10 million, funded from cash, if the system decides to invest, he said.