Oklahoma Teachers' Retirement System, Oklahoma City, has adopted a real estate pacing plan for 2023, said Sarah Green, the $20 billion pension fund's executive director, in an email.
The pacing plan, which was approved at a board meeting Nov. 16, calls for a commitment of $300 million to non-core real estate strategies and $100 million to core real estate strategies, according to meeting documents Ms. Green shared with Pensions & Investments.
The board will issue invitations to bid on the allocations on or about Jan. 1 for the 2023 calendar year, Ms. Green said.
The pension fund is looking to reposition the current core real estate portfolio for current market conditions, according to the meeting documents. The retirement system will also strategically approach new commitments to core and non-core real estate to reduce its allocation to pandemic-impacted property types, such as retail and office, and increase its allocation to property types with secular tailwinds, such as industrial, the documents noted.
As of Nov. 14, Oklahoma Teachers' allocation to real estate was 8.6%; its target is 10%.
