Atlanta General Employees’ Pension Fund hired Intercontinental Real Estate and J.P. Morgan Asset Management as its first real estate managers, recently released board meeting minutes said.
The $1.2 billion pension fund issued an RFI in August and each manager will run about $18 million in core-plus strategies.
In April, the pension fund formally adopted a 5% target allocation to alternatives after committing money to two private equity funds.
The new target follows the signing of a law in April 2012 by Gov. Nathan Deal. The law, which was effective on July 1, 2012, allowed most public retirement systems in Georgia to invest in alternatives for the very first time.
Investment consultant Callan Associates assisted.
Douglas I. Strachan, chairman of the board, and Jim Beard, board member and the city’s chief financial officer, were not immediately available to provide further information.