Plymouth County (Mass.) Retirement Association is seeking proposals from managers of open-end core real estate funds.
The board currently invests about $52 million in open-end core real estate in two strategies: $37 million in Prudential's PRISA I fund and $15 million in Multi-Employer Property Trust Fund, managed by Bentall Kennedy, according to the pension fund's third quarter investment report. Real estate made up 10.2% of the pension fund's investment portfolio as of Sept. 30, the report added.
Only proposals for well-established and experienced managers will be considered, the RFP said. The funds proposed should have at least $1 billion and be diversified both by geography and property type.
Meketa Investment Group, investment consultant to the $912 million pension fund, is assisting with the search.
The RFP is available on both Meketa's and the pension fund's websites. Proposals are due by 3 p.m. EST on Jan. 5. A selection date was not disclosed.
David Sullivan, executive director of the retirement association, and John Humphreys, vice president at Meketa, were not available to provide further information.
