Worcester (Mass.) Regional Contributory Retirement System issued RFPs for managers to run about $10 million and $5 million, respectively, in private real estate and private equity, confirmed Michael J. Donoghue, chairman and chief executive of the $340 million system's board. He noted the board won't necessarily hire only one manager in each asset class.
Mr. Donoghue said the board initiated the searches to add greater diversification. Currently, TA Associates and Intercontinental Real Estate manage a total of about $7 million in real estate, while Ascent Venture Partners and Zero Stage Capital manage a combined $8 million in private equity. Funding will come from a general rebalancing; no managers will be terminated.
Proposals will be accepted for core and value-added real estate and for funds of funds and direct partnerships in private equity, Mr. Donoghue said. The RFPs are available by e-mailing Rosemary Guillette at Segal Advisors, the plan's consultant, at [email protected] Proposals for both are due at 3 p.m. EST Nov. 9.
Mr. Donoghue said he hopes the new managers will be hired by the end of the year.