Jacksonville (Fla.) City Retirement System plans to search for value-added and opportunistic real estate and real asset managers in the second half of 2012, confirmed Joey Greive, chief investment officer.
The $1.6 billion system set a target allocation for real estate at 15% and real assets, 10%. Previously, the system had a 15% allocation to real assets, which included real estate.
The change is the result of discussions with investment consultant Summit Strategies Group, said Mr. Greive in a telephone interview.
Summit officials and pension fund staff are in the process of educating the system's board on real estate and real assets.
The system primarily hires managers from shortlists provided by Summit, but Mr. Greive said interested managers can contact the system's staff.
The majority of funding for the new managers will come from fixed income, he said.