New York State Teachers Retirement System, Albany, issued an RFP for a firm to provide non-discretionary real estate consulting and advisory services, confirmed John Cardillo, a spokesman for the $95.1 billion pension system.
The firm's duties will include providing research and recommendations “on commercial real estate equity and debt opportunities that would be consistent with the (pension system's) strategic plan and overall risk and return objectives,” according to the RFP. The firm will provide written evaluations of each real estate investment selected by the system's staff for review by the system's internal investment committee and/or governing board; it also will conduct a review of the pension system's existing real estate debt and equity investment strategies.
Details are available on the pension system's website.
The current real estate adviser, Callan Associates, is welcome to rebid, Mr. Cardillo wrote. Callan has held the job since February 2005; its contract expires Jan. 31, 2014.
According to the RFP, candidates must submit all proposals by 2 p.m. EDT Aug. 29. Interviews will be conducted between mid-November and late January. A contract will be awarded Jan. 27, and the contract will begin March 1.
Applications should be sent to Joe Romand, Purchasing Unit, New York State Teachers' Retirement System, 10 Corporate Woods Drive, Albany, NY 12211-2395. The application should contain a reference to NYSTRS RFP #14-04.
As of March 31, the pension system's target real estate equity allocation was 10% of total system assets with a range of 6% to 14%, while the actual allocation was 12.5%, including unfunded commitments, according to the RFP.
The target allocation for real estate debt was 8% with a range of 5% to 11%; as of March 31, the actual allocation to real estate debt was 5.9% of total assets, according to the RFP.