Massachusetts Water Resources Authority Retirement System, Chelsea, committed a total of $25 million to two open-end core real estate funds, said Carolyn Russo, executive director of the $544 million defined benefit plan.
The board voted to commit $15 million to TA Realty Core Property Fund. It also voted to commit an additional $10 million to Morgan Stanley Investment Management's Prime Property Fund, bringing its total to $20 million.
NEPC, the pension fund's investment consultant, assisted with the search.
An RFP was issued in September to comply with state law requiring contracts go out to bid every seven years, Ms. Russo said.
J.P. Morgan Asset Management and Heitman America Real Estate Trust were the other finalists.