Quincy (Mass.) Retirement System committed a total of $12 million to three non-core real estate funds.
The $810 million pension fund's board approved commitments of $4 million each to AEW Partners Real Estate Fund X, an opportunistic real estate fund managed by AEW Capital Management; Stockbridge Value Fund V, a diversified U.S. real estate fund managed by Stockbridge Capital Group; and Torchlight Debt Opportunity Fund VIII, a real estate debt fund managed by Torchlight Investors, at its May 18 meeting, recently released meeting minutes showed.
The pension fund issued an RFP in March for non-core real estate managers. The reason for the search was not provided, and Brad Croall, board director, could not be immediately reached for further information.
As of March 31, the pension fund's actual allocation to real estate was 10.4%; the target is 10%.
Investment consultant Meketa Investment Group assisted.
