Vermont pension fund surveying for real estate manager

Vermont Pension Investment Committee, Montpelier, is searching for an international real estate manager to run $100 million for the $4 billion Vermont State Retirement Systems, said Katie Green, investments manager, in an email.

The committee is seeking a manager because the pension fund is underweight on real estate, Ms. Green said. The target is 8%. As of Dec. 31, the actual allocation was 6.7%.

The committee’s investment consultant, NEPC, is currently conducting the search “from their focus placement list, and interested managers are welcome to contact NEPC for more information,” Ms. Green said. A decision is expected in the second quarter.

Separately, the committee terminated contract negotiations with Crow Holdings Capital-Real Estate. In October, the committee had voted to commit $30 million to value-added real estate fund Crow Holdings Realty Partners VIII. The termination was due to “an inability to meet the state’s terms as outlined during the initial search,” Ms. Green said.