The New York State Teachers' Retirement System, Albany, issued an RFP for a real estate consultant to provide non-discretionary services to the $119.4 billion system.
The RFP is routine, spokesman John Cardillo said in an email. As of year-end 2018, the system's real estate assets were $18.9 billion.
The fund typically negotiates contracts on a five-year cycle, Mr. Cardillo said. Terms include a one-year initial contract with the opportunity for four additional one-year contracts based on agreements between the pension system and the provider, he said. Those are the terms of the current RFP.
The contract for the incumbent, Callan, expires Feb. 1, 2020. Callan will be invited to bid, Mr. Cardillo said.
According to the RFP, the consultant's duties include providing research and recommendations on commercial real estate equity and debt opportunities and conducting an in-depth review of the system's existing equity and debt real estate investment strategies. The consultant also will provide a five-year strategic plan that will be updated annually and prepare written evaluations for each equity and debt real estate fund investment opportunity selected by the system's staff for presentation to internal investment committee and/or the governing board.
The application deadline is 2 p.m. EDT July 11. Semi-finalists will make presentations in mid-September. The contract is to be awarded in mid-November and take effect Feb. 1, 2020.