Oklahoma Tobacco Settlement Endowment Trust, Oklahoma City, is searching for two real estate managers to each run $25 million, confirmed Georgiana Stephens, deputy chief investment officer at the state treasurer's office.
The $660 million endowment is searching for one core manager and one value-added firm; these will be its first allocation to real estate.
Investment consultant NEPC is assisting.
The board approved a 5% to 8% allocation to real estate on June 13, Ms. Stephens said in a telephone interview. The funding source for the new real estate allocation hasn't been determined. The current allocation is 45% equity, 40% fixed income and 15% direct lending and hedge funds.
The RFP is available on NEPC's website. To be accepted for the search, interested firms must submit an “acknowledgement of receipt form” to NEPC by 4:30 p.m. EDT July 23.
Proposals are due at 4:30 p.m. CDT July 31. Finalists will be interviewed Aug. 22 with a hiring decision expected on Aug. 31.
