Vermont Pension Investment Committee, Montpelier, will soon search for a value-added/opportunistic real estate manager to run up to $56 million for the $3.7 billion Vermont State Retirement Systems, confirmed Stephen Rauh, chairman of the investment committee.
The committee authorized a public search at its meeting on Wednesday to be conducted by investment consultant NEPC. The search is the result of an increase in the pension fund's real estate target to 6% from 4.5% as part of its annual asset allocation review.
The change in asset allocation was made in February, with funding to come from a reduction in the target to equities. Responses to the search will be reviewed at the committee's meeting Nov. 26, Mr. Rauh wrote in an e-mail.
Mr. Rauh did not provide further information by press time.