Cambridge (Mass.) Retirement System will issue an RFP for real estate managers in a few weeks to redeploy money from a fund that is winding down and lift its real estate allocation to 5% of total assets, from about 3%. The system has $8 million invested in real estate, of which $3.5 million is in the Allegis Congregate Care Fund, which is liquidating, said Alison Ellsworth, consultant at Segal Advisors, who is assisting.
The $250 million system is considering hiring a couple of managers. Apart from using the $3.5 million from the matured Allegis fund, the system will use about $3 million parked in index funds with State Street Bank. The rest of the money will come from cash.
