Maryland State Retirement & Pension System, Baltimore, is searching for a nondiscretionary real estate consultant.
The $63.3 billion pension fund is searching for a consultant to assist its investment staff in the development of goals, strategy and objectives for the real estate portfolio, according to an RFP posted on the retirement system's website.
The consultant will also be tasked with providing regular reporting, analyses and/or research to better define goals and objectives, monitor portfolio risk and model program cash flows/commitment pacing with respect to real estate, the RFP said.
As of Sept. 30, the pension fund had $6.9 billion allocated to real estate, making up 10.8% of its overall portfolio.
The Townsend Group is the pension fund's current real estate consultant and is eligible to rebid, a spokesperson said in an email.
Maryland hopes to finalize a decision and have the consultant in place before June 30, which is the end of its fiscal year, the spokesperson added.
The RFP is available on the pension fund's procurement website. Proposals are due by 5 p.m. EST on Feb. 27.