Oklahoma Teachers' Retirement System, Oklahoma City, hired L&B Realty Advisors to manage between $15 million and $50 million in a non-core real estate portfolio, wrote Thomas Spencer, interim executive director, in an e-mail.
The $13.5 billion pension fund issued RFPs for value-added and opportunistic real estate managers in January as a result of the pension fund increasing its overall real estate target allocation to 7% from 5%.
As of Feb. 28, the pension fund's actual allocation — 4.2% — was invested entirely in core real estate with managers AEW Capital Management, Heitman and L&B Realty.
Investment consultant gregory.w.group assisted.
