Baton Rouge (La.) and Parish of East Baton Rouge Retirement System is conducting a shortlist search for its first core real estate manager, which will run $42 million in a commingled fund, said Jeffrey Yates, retirement administrator. The $850 million plan will add a 5% allocation to the asset class, reducing fixed income to 30% from 35%.
The change is the result of an asset-liability study, Mr. Yates said. The balance is in equities. Plan officials have selected three firms, which he declined to identify, for interviews later this month; the field will be narrowed to two at the full board meeting May 25, after which trustees will conduct site visits and make a selection in June or July, he said. Summit Strategies is assisting.