Pension Protection Fund, London, is searching for eight to 12 real estate managers, confirmed spokeswoman Ana Moreno.
The £15 billion ($23.9 billion) fund has not determined the asset size for the search. It has a 5.25% allocation to real estate which is subject to change based on market conditions, Ms. Moreno said in an e-mail. She added that pension fund assets are expected to double over the next few years, so more money will be allocated to real estate.
“Although the board is largely considering managers offering core (open-end) fund strategies for European and Asia-Pacific real estate, it will also consider managers offering higher risk/return, (closed-end) strategies such as (value-added) and opportunistic fund strategies for part of its allocation in these two regions,” according to the RFP. The pension fund is also looking for open-end core U.S. strategies.