Burlington (Vt.) Employees Retirement System named Bailard, Principal Real Estate Investors and UBS Realty Investors as finalists in its search for its first real estate manager to run a $10 million portfolio, said Jim Strouse, chairman of the board, in an e-mail.
The $153 million pension fund issued an RFP in January for its first allocation to real estate, considering open-end core, core-plus or value-added real estate funds. At a special board meeting on May 5, Bailard will present its core-plus strategy, and Principal and UBS will present both core and core-plus strategies.
A decision is expected shortly after the May 5 meeting. The pension fund began managing its own investments at the beginning of 2016; previously they were managed by the Vermont Pension Investment Committee, Montpelier.
Investment consultant Dahab Associates is assisting.