Westfield (Mass.) Contributory Retirement System is searching for a real estate investment manager to run $3 million to $5 million, according to a posting on the procurement website of the Massachusetts Public Employee Retirement Administration Commission.
Funding will come from reducing to about $10 million a core real estate portfolio managed by the $53.2 billion Massachusetts Pension Reserves Investment Management Board, Boston, according to Raymond Depelteau, chief investment officer of the Westfield pension fund.
“We are looking to add a product (or) strategy that would be focused on alpha generation, which might involve some sort of strategy or geographic concentration,” Mr. Depelteau said. “Emerging managers with such an offering are encouraged to submit responses to our RFP.”
The RFP is available from Lynn Rea, retirement administrator, via e-mail at [email protected].
Proposals are due at 4 p.m. EDT Sept. 12. A selection date has not been set.
No consultant is assisting.
Separately, the $160 million pension fund committed a total of $20 million to private equity managers Constitution Capital Partners and Hamilton Lane, Mr. Depelteau said. Constitutional will get $15 million; Hamilton Lane, $5 million. The pension fund previously committed $13 million to a Constitutional fund; it's the retirement system's first commitment to a Hamilton Lane fund.
An RFP for private equity managers was issued in May.