Catholic Health Initiatives, Denver, is conducting a shortlist search for at least one manager to run a total of $60 million in real estate, a new asset class, said Jennifer Heppel, director, cash and investments. The $1.2 billion pension plan might put $42 million in a core real-estate portfolio and $18 million in a value-added or opportunistic fund, Ms. Heppel said. Funding will come from reducing fixed income, the result of an asset allocation study, she said. A selection is expected at the end of August. Summit Strategies is assisting.
The plan's new asset allocation will keep 60% of assets in equities and 15% in alternatives, cut fixed income to 20% from 25%, and add a 5% real estate allocation.
