Jacksonville (Fla.) Fire & Police Pension Fund issued an RFP for a value-added real estate manager to run $40 million to $45 million, said John Keane, executive director-administrator. The $900 million plan hadn't had a real estate allocation since 1990, and it reinstated the asset class in December. Funding will come from reducing the plan's overall fixed-income allocation, trimming from each of the existing managers, he said. The RFP is available on the plan's website at www2.coj.net/RFP; responses are due July 30. Merrill Lynch is assisting.
Trustees are also finalizing a contract with a manager to run $40 million to $45 million in core real estate; Mr. Keane declined to identify the firm.
The plan's new target asset allocation is 60% equity; 30% fixed income, down from 40%; and 10% real estate.