Cardiff (Wales) and Vale of Glamorgan Pension Fund issued an RFP for a manager to run a £25 million ($38 million) global real estate fund-of-funds portfolio, the £1 billion fund’s first move into the strategy.
Richard Bettley, pension fund manager, said funding likely will come from new cash inflows. The current asset allocation is roughly 65% equities, 20% bonds and 5% each in U.K. real estate, private equity and currency.
Fund officials recently decided to add global real estate for diversification, Mr. Bettley said.
Proposals are due Sept. 1, and an appointment is expected by the end of this year. Further information can be obtained from consultant bfinance via e-mail at [email protected]