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.
David Sullivan, executive director of the retirement association, and John Humphreys, vice president at Meketa, were not available to provide further information.