New Jersey Division of Investment, which handles investments for the New Jersey Pension Fund, Trenton, has issued an RFP for real estate investment consulting services, according to a notice posted on the division’s website.
The RFP is routine, and the contract will be for three years with the possibility of two one-year extensions, a division spokeswoman wrote in an email.
A starting date depends on when the contract is awarded, she wrote. Proposals are due by 2 p.m. EST on Feb. 18.
Hamilton Lane is the incumbent and is invited to rebid, she added.
The pension fund’s target allocation for real estate assets is 8% of total plan assets for the fiscal year ending June 30, 2025, according to the RFP.
New Jersey Pension Fund had $71.7 billion in assets as of Sept. 30, according to the latest available data. Real estate assets were $4.1 billion, or 5.7% of total plan assets at that time.
