Oklahoma Teachers' Retirement System, Oklahoma City, issued RFPs for value-added and opportunistic real estate managers, confirmed Doug Anderson, president at gregory.w.group, consultant to the pension fund.
The pension fund has not decided how many managers will be hired or the total amount of assets to be allocated, Mr. Anderson said in an e-mail. OTRS is accepting proposals from open-end funds “or other appropriate structures,” according to the RFPs. Only equity investments will be considered, Mr. Anderson said.
The $13.1 billion pension fund recently increased its real estate allocation to 7% from 5%. As of Nov. 30, the fund had a 4.2% actual allocation, all to core real estate. Mr. Anderson said allocations to the three current core managers — AEW Capital Management, Heitman and L&B Realty Advisors — will also increase as the pension fund works toward a 7% allocation.
The RFPs are available on the pension fund's website. Proposals are due at 4 p.m. CST Feb. 14. Hiring decisions are expected by the middle of the year.