New Mexico Public Employees Retirement Association, Santa Fe, is searching for managers to run a $140 million to $280 million real estate investment trust mandate, said Jonathan Grabel, chief investment officer for the $14.5 billion pension fund.
The contracts of two of New Mexico PERA’s three REIT managers are set to expire. LaSalle Investment Management manages $110 million and its contract is expiring at year-end. Morgan Stanley Investment Management manages $100 million and its contract is expiring June 30, said Kristin E. Varela, portfolio manager, real returns. Both managers will be invited to rebid. The third REIT manager of the pension plan’s $250 million REIT portfolio is BlackRock with a passive mandate.
Proposals are due on Dec. 12. The board is expected to make a selection by the end of February. The RFP is posted on the pension fund’s website.