Taunton (Mass.) Contributory Retirement System committed $3 million to Domain Timber Opportunity Fund A.
The $360 million pension fund's board approved the commitment to the timber fund managed by Domain Timber Advisors at its Jan. 25 meeting, recently released meeting minutes show.
The pension fund issued an RFP in December to comply with Massachusetts Public Employee Retirement Administration Commission rules requiring services to be put up for bid every seven years, said Paul J. Slivinski, the pension fund's executive director, in an email at the time.
Managers of both closed-end and open-end funds were invited to bid for the services, along with incumbent open-end fund manager Molpus Woodlands Group. In addition to the new commitment to Domain Timber, the board on Jan. 25 also approved a 10-year extension with open-end fund Molpus Woodlands Fund III.
A total of six managers submitted proposals. There were no finalist presentations.
Investment consultant Dahab Associates assisted.
Mr. Slivinski could not be immediately reached for further information.