Devon County Council Pension Fund, Exeter, England, is searching for a manager to run a real estate fund of funds initially estimated at about £160 million ($258 million), confirmed Barry White, investment manager of the £2.6 billion fund.
The manager will oversee an existing £140 million multimanager real estate portfolio in addition to £20 million in new cash to invest. The strategy could increase by £20 million a quarter over five quarters, depending on market conditions.
Mr. White declined to provide further details, citing internal policy regarding the public tender process.
Additional information can be obtained from adviser JLT Benefit Solutions. Proposals are due July 4.