Pembroke Pines (Fla.) Fire and Police Retirement System issued an RFP for a firm to manage $5 million in value-added real estate, confirmed Karen Warner, plan administrator. The portfolio will be part of the $208 million plan's roughly $20 million allocation to real estate and alternatives, and it's being added for greater diversification. Funding will come from a general rebalancing and cash. Plan officials don't anticipate terminating any existing managers.
The RFP is available on consultant Dahab Associates' website, www.dahab.com; proposals are due Dec. 16. Plan officials will probably interview finalists in January and make a selection at that time, but a date has not been set, according to David Lee, Dahab director of manager research.