Seattle City Employees' Retirement System is conducting an invitation-only search for non-core real estate managers, Jason Malinowski, chief investment officer, said in an e-mail.
NEPC, the $2.4 billion pension fund's investment consultant, recommended adding non-core real estate managers to get the fund closer to its 12% target. The actual allocation is 10.6%.
NEPC also recommended going with a 70%/30% core/non-core split within the real estate portfolio. Mr. Malinowski said the current split is roughly 87% core and 13% non-core.
A timeline has yet to be determined.
