Compenswiss, Geneva, is seeking managers to run up to $621 million for core-plus real estate in the U.S., Europe and the Asia-Pacific regions, a spokesman confirmed.
The social security fund, which has 37 billion Swiss francs ($41.3 billion) in assets, did not specify the number of managers that will be hired. Managers can submit proposals for multiple contracts, the spokesman said.
Compenswiss will invest between $100 million and $200 million in U.S. core-plus real estate. The fund is seeking a manager or managers that can supply U.S. core-plus multisector pooled open-end or closed-end real estate funds with fund structures set up in Europe. The allocation is new.
Compenswiss is additionally searching for a core-plus multisector European real estate funds to diversify its global real estate portfolio with between €50 million and €100 million ($121 million) investments in Europe.
The fund is also looking for Asia-Pacific multisector core-plus real estate pooled open-end or closed-end funds and will invest between $50 million and $300 million in the region.
Compenswiss will not consider real estate investment trusts for any of the contracts. The investments are expected to be funded from cash, the spokesman said.
The fund has 165 million francs invested in direct real estate in Switzerland and 1.8 billion francs in public real estate in Switzerland.
The fund's global real estate allocation is 475 million francs and excludes Switzerland.
The fund additionally invests 531 million francs in European real estate and 519 million francs in Asia-Pacific real estate.
The RFP is available upon request via Compenswiss' website. Proposals for each of the searches are due by March 11. Videoconferences will be held with managers between March 26 and April 2. The fund will announce the selected finalists in April.
