Searches and Hires

Watertown Contributory Retirement looking to invest in value-added real estate

Watertown (Mass.) Contributory Retirement System is looking to commit up to $3 million to a value-added real estate investment fund or funds.

Fiduciary Investment Advisors, investment consultant to the $182 million defined benefit plan, is assisting with the search.

Both open-end and closed-end funds will be considered. The board will consider either real estate funds that make direct investments or funds of funds and might select more than one manager.

The search is being conducted to consider possible complements to the system's core real estate, said Richard A. Carey, associate research analyst at Fiduciary Investment Advisors, in an email. It would be a new mandate.

The RFP is available on Fiduciary Investment Advisors' website. Proposals are due by 4 p.m. EST on Jan. 19. A timetable for selecting a manager has not been established.