Westfield (Mass.) Contributory Retirement System is looking to commit a total of between $15 million and $20 million to private real estate funds.
The $290 million pension fund issued an RFP due to the requirements of the Massachusetts Public Employee Retirement Administration Commission to put services up for bid every seven years, said Liam Browne, director of the pension fund, in an email.
The pension fund may elect to commit to funds from more than one manager, according to the RFP. Open-end or closed-end funds will be considered, as well as funds of funds.
As of Dec. 31, the actual allocation to real estate was 12%; the target is 13%.
The RFP is available on the website of investment consultant Fiducient Advisors, which is assisting with the search. Proposals are due at 3 p.m. EDT on April 14. A selection is likely in June, Mr. Browne said.