Louisiana Municipal Police Employees' Retirement System, Baton Rouge, issued an RFP for at least one value-added real estate manager to run a total of $35 million. The $1.2 billion plan increased its real estate target to 10% from 6%, and trustees want the new firm to complement a $70 million internally managed open-end core diversified real estate portfolio, said Dan Holmes, managing director of Summit Strategies, the plan's consultant. Funding will come from rebalancing and reducing the fixed-income allocation to 35% from 39%, Mr. Holmes said. The RFP is available at Summit Strategies' website, www.summitstrategies.com. Proposals are due July 19, with finalist interviews expected in September, Mr. Holmes said.
The plan's new asset allocation is 41% domestic equity, 35% fixed income, 14% international equity and 10% real estate.