Cardiff (Wales) and Vale of Glamorgan Pension Fund hired CB Richard Ellis Investors to run £25 million ($41 million) in a global real estate fund of funds, according to Tenders Electronic Daily, a European procurement website.
This is the £1 billion fund’s first move into the strategy.
An RFP was issued in July. Richard Bettley, pension fund manager, said at the time that funding likely would come from cash.
Mr. Bettley was out of the office and could not be reached for further information.