Massachusetts Water Resources Authority Retirement System, Chelsea, is considering allocating $15 million to an open-end core real estate strategy for the $544 million defined benefit plan.
Real estate investment trusts and private real estate strategies will not be considered. The pension fund could select more than one manager.
The search is being conducted to comply with state law requiring contracts go out to bid every seven years, said Carolyn Russo, executive director. Morgan Stanley Investment Management is the incumbent manager and is invited to rebid.
NEPC, the pension fund's investment consultant, is assisting with the search.
The RFP is available on the Massachusetts Public Employee Retirement Administration Commission's website. Proposals are due 4 p.m. EDT on Sept. 28. A selection is expected to be made over the next several months, Ms. Russo said.