Marlborough (Mass.) Contributory Retirement System is looking to allocate about $35 million across two passive bond portfolios and roughly $5 million to an open-end core real estate fund.
Meketa Investment Group, investment consultant to the $154 million defined benefit system, is assisting with the searches.
Both RFPs are being issued to comply with state regulations, said Margaret Shea, board administrator, in an email. State Street Global Advisors is the current index manager and Clarion Partners is the current real estate manager, and both have been invited to rebid.
For the index manager search, the board is looking to allocate $20 million to an investment-grade bond index fund benchmarked to the Bloomberg Barclays U.S. Aggregate Bond index, and $15 million to an a Treasury inflation-protected securities index fund benchmarked to the Bloomberg Barclays U.S. TIPS index.
Respondents to the index fund search must have been in operation for at least three years and have at least $500 million in total assets under management.
For the real estate fund search, proposed funds should have a minimum net asset value of $1 billion and be well diversified both geographically and by property type with greater than 30 properties. Secondary and fund-of-funds investments will not be considered.
The RFPs are available on Meketa's website. Proposals for both searches are due at 3 p.m. EDT on June 20. Ms. Shea expects the board to make selections at their July or August meeting.
