Taunton (Mass.) Contributory Retirement System is looking to allocate $16 million each to a core and core-plus open-end real estate fund and $7 million to a public real estate investment trust.
Dahab Associates, the $325 million defined benefit system's investment consultant, is assisting with the search.
The search is being conducted to comply with Massachusetts state law requiring contracts be put out to bid every few years, said Steven Roth, chief investment officer of Dahab Associates. Invesco Real Estate currently manages the plan's core fund and REIT, while Intercontinental Real Estate Corp. runs the plan's core-plus fund, Intercontinental U.S. REIF. Both are invited to rebid.
Only open-end products will be considered for the open-end real estate fund searches. Both active and passive REIT strategies will be accepted.
The RFPs are available on Dahab's website. Proposals for both searches are due by noon EDT June 27. A timetable for selecting strategies has yet to be determined.
The plan had a 16.3% allocation to real assets as of Dec. 31, according to documents on its website.
