Massachusetts Water Resources Authority Employees’ Retirement System, Chelsea, is searching for a value-added real estate manager to run a $20 million commitment, said Carolyn Russo, the pension fund’s executive director, in an email Friday.
The $706 million pension fund is seeking a private closed-end fund, according to an RFP posted on the website of NEPC, the pension fund’s investment consultant.
The RFP says the pension fund will not consider open-end strategies, real estate investment trusts, funds of funds or secondary funds.
In recently released Nov. 16 board meeting minutes, NEPC had recommended the search in order to bring the pension fund’s real estate allocation closer to target.
As of Nov. 30, the pension fund's actual allocation to real estate was 7.8%; the target is 10%.
The RFP is available on NEPC's website. Proposals are due at 5 p.m. EST on Jan. 17. A timeline for a selection was not provided.
NEPC is assisting with the search.