Fresno (Calif.) City Retirement Systems is searching for value-added/opportunistic real estate managers to run up to $60 million in closed-end funds, said Robert Theller, retirement administrator, in an email.
NEPC, investment consultant to the $3 billion defined benefit plan, is assisting with the search.
Candidates must have at least five years experience managing value-added/opportunistic strategies to be considered. Funds being proposed must be raising at least $200 million and their final close cannot be earlier than Sept. 30.
Funding will come from a combination of rebalancing and from assets currently parked in index funds.
The RFI will be available on NEPC's website starting on March 19. Proposals are due by 4 p.m. EDT on April 13. Mr. Theller said he hopes a selection will be made in May or June.
The retirement systems adopted a new asset allocation last year that would decrease the equity portion of the plans to 48% from 60% by 2020. The plan includes new 5% allocations to private equity and master limited partnerships, and a 4% allocation to infrastructure over the next four years. Real estate remains at 15% and private debt stays at 8%, while fixed income decreases to 15% from 17%.