Etablissement de Retraite Additionnelle de la Fonction Publique, Paris, plans to search in the first quarter of 2012 for its second real estate manager, according to spokeswoman Alice Blais.
The size of the mandate is not yet known, Ms. Blais said in an e-mail. The €11 billion ($15.1 billion) fund announced Tuesday it hired AEW Europe to run €40 million in real estate.
The fund introduced a 4% real estate allocation in January for diversification and to “benefit from the inflation hedge and liquidity premium,” Ms. Blais said in the e-mail. A public search began in June.
The fund's remaining asset allocation is 77% fixed income, 17% equities and the rest cash.