District of Columbia Retirement Board on Thursday approved a commitment of €25 million ($35 million) to Carlyle Europe Real Estate Partners III, said Sheila Morgan-Johnson, CIO of the $4.4 billion board. Funding will come from cash flow distributions from existing real estate investments over a three-year period, Ms. Morgan-Johnson said.
Separately, the board will interview three finalists at its Oct. 18 meeting in its search for an infrastructure investment. They are: Babcock & Brown, Macquarie Group and Morgan Stanley. “We’re looking for additional sources of diversification and expected return,” said Ms. Morgan-Johnson, adding that the board had yet to determine how much to invest in the new program. The invitation-only search was conducted by Watson Wyatt Worldwide.
The board also approved a one-year extension of Watson Wyatt’s three-year contract as investment consultant, Ms. Morgan-Johnson said. The extension expires Oct. 31, 2008.
