Baltimore Fire and Police Employees’ halts search for real estate managers amid pandemic

The $2.7 billion Baltimore Fire and Police Employees’ Retirement System (F&P) has put its search for real estate managers on hold due to the COVID-19 pandemic, a spokesperson for the pension fund confirmed in an email.

The pension fund was also allegedly seeking to boost its allocation to real estate; however, due to the fluctuation of the market, F&P communications director Amy Baskerville said it is too soon to address asset reallocation.

As of March 17, F&P had a 5.9 percent allocation to core real estate, with a portfolio valued at $162 million. F&P was overweight to the asset class, with a 4 percent target allocation.