Updated with correction.
Texas Permanent School Fund, Austin, will search for a real estate consultant for the $26.9 billion education fund.
The State Board of Education, which oversees management of the Permanent School Fund, authorized the search at its Friday meeting as part of a package of finance committee recommendations. The finance committee met separately on Wednesday.
Courtland Partners has been the fund's real estate consultant for the five years ended Aug. 31. Courtland's contract cannot be extended and an RFP is required, said Holland Timmins, executive administrator and chief investment officer, during the finance committee meeting. Courtland can rebid.
The exact timing of the search's launch was not provided, but John Grubenman, TSPF's director of private markets, said real estate consultant finalists will be considered at the SBOE's July 17-19 meeting.
In other real estate news, $50 million was committed to Madison Realty Capital Sullivan Debt Fund, a mezzanine lending fund focused on special situation loans, including first mortgages, and distressed debt.
TPSF's real estate portfolio totaled $1.2 billion of commitments and investments as of Feb. 28.