Boston Retirement System is looking for real estate investment managers to run between $70 million and $80 million for the $4.9 billion defined benefit plan.
The search is being conducted to identify a diversified non-core closed-end fund or funds as well as a low-cost core open-end fund to help further complement the pension fund's existing real estate commitments.
NEPC, the retirement system's investment consultant, is assisting with the search.
Proposals for closed-end funds must be non-core equity or debt; U.S., non-U.S. or global, with a minimum fund size of $200 million. Funds must also have a final closing date no earlier than March. Managers must have also raised at least two prior institutional real estate funds.
Proposals for open-end funds must be core equity; U.S., non-U.S. or global from a firm with at least $1 billion in assets under management. Strong preference will be given to candidates with a management fee of 80 basis points or lower.
Current managers are encouraged to submit proposals.
The RFP is available on NEPC's website. Proposals are due by 2 p.m. EST on Feb. 23. A selection date was not disclosed.
John Kelly, the pension fund's investment analyst, and Jake Mallinson, an analyst at NEPC, could not be immediately reached for comment.
