Cambridge (Mass.) Retirement System is looking to commit $45 million to an open-end timber and farmland fund.
The $1.8 billion pension fund issued an RFP due to the requirement by the Massachusetts Public Employee Retirement Administration Commission that services must be put up for bid every seven years, confirmed Chris Burns, executive director.
The pension fund is currently invested in Hancock Timberland & Farmland Fund, managed by Hancock Timber Resource Group. The firm is eligible to rebid, Burns said.
As of June 30, the pension fund’s actual allocation to timber was 4.3%.
The RFP is available on the website of investment consultant Segal Marco Advisors, which is assisting with the search. Proposals are due by 1 p.m. EDT on Oct. 28. A timeline for a selection was not provided.
