Davie (Fla.) Police Pension Plan plans to commit up to $16 million to open-end real estate funds, launching searches for real estate debt and value-added strategies, said Kevin Condy, research analyst at Dahab Associates, the $165 million pension fund's investment consultant.
The pension fund, which has investments in core and core-plus real estate funds, issued the two RFPs to further diversify its real estate portfolio, Mr. Condy said. The amount of each commitment will be between $4 million and $8 million.
As of Sept. 30, the pension fund's real estate allocation was 11.5%; the target is 10%.
Dahab Associates is assisting with the search.