ACCESS, Essex, England, a U.K. local government pension scheme, is seeking a U.K. core direct real estate investment manager and a global real estate fund-of-funds manager as it builds up its private markets program.
ACCESS — A Collaboration of Central, Eastern and Southern Shires — represents 11 local government authorities with £35 billion ($41.4 billion) in pooled pension assets. Its portfolio includes equity, fixed income and diversified growth funds.
Real estate is the first illiquid asset class ACCESS is considering for its new private markets program, it said in a release Aug. 19. The initial U.K. core mandate will be between £750 million and £1.25 billion, and the global mandate will be between £400 million and £550 million, "with potential to grow thereafter in both cases," the news release said.
The two real estate searches "are expected to result in material additional pooling of assets," the release said.
The contracts will begin March 8, 2023, and run for 30 years, and will be subject to a review every five years, according to the tender documents.
Proposals for both searches are due by 2 p.m. British Summer Time on Sept. 23.
In January, ACCESS hired MJ Hudson as implementation adviser as it begins offering illiquid asset investments to its LGPS member pension funds, including private equity, private debt, infrastructure and real estate.