Tennessee Consolidated Retirement System, Nashville, hired two new real estate managers and rehired five others to run a total of about $1.8 billion, confirmed Blake Fontenay, spokesman for David H. Lillard Jr., state treasurer, who oversees the pension fund.
The $38.8 billion pension fund issued an RFP in August for its entire real estate portfolio as a result of its policy to put the services out to bid every five years. All current managers were invited to rebid.
The two new managers are BlackRock Realty Advisors and L&B Realty Advisors, replacing Capri Capital Partners and UBS Realty Investors. Neither of those managers rebid.
The pension fund rehired current managers Clarion Partners, Cornerstone Real Estate Advisers, Deutsche Asset & Wealth Management, J.P. Morgan Asset Management and TA Associates Realty.
Real estate consultant The Townsend Group assisted.
