Baton Rouge (La.) and East Baton Rouge Parish Retirement System's investment committee expects to select a manager on Aug. 26 to run $40 million in commingled real estate, said Jeff Yates, retirement administrator. The finalists are RREEF, ING Clarion and Principal Real Estate. The $830 million system has not had a real estate allocation in several years but wanted to get back into the asset class for diversification, Mr. Yates said. Funding will come from reducing the fund's fixed-income portfolio.
The retirement system's asset allocation is 67% equity and 33% fixed income. Summit Strategies is assisting.