Watertown (Mass.) Contributory Retirement System hired American Realty Advisors and TerraCap Management to run a total of up to $3 million in value-added real estate investment funds.
Fiduciary Investment Advisors, investment consultant to the $180 million defined benefit plan, assisted with the search.
An RFP was issued in December to consider possible complements to the pension fund's core real estate portfolio, said Richard A. Carey, research analyst at Fiduciary Investment Advisors, in an email. It is a new allocation.
Mr. Carey did not disclose how much each manager will run or a funding source.