JULY 22, 2013

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CRPTF searches for core real estate manager

by Sara Kassabian

The $25.9 billion Connecticut Retirement Plans and Trust Funds (CRPTF) has plans to select an open-end core real estate fund (OECF) manager, and the pension fund will commit approximately $275 million to the finalist.

The allocation can grow or shrink depending upon the overall size of the Combined Investment Funds (CIF), says David Barrett, communications director at the Office of the Treasurer in Connecticut. The investment in core strategies has been pegged to a target percentage of real estate in the CIF.

“This is a dynamic number, as you can imagine, and the ability to move monies in and out of OECF real estate funds allows us to tactically rebalance our exposure as needed, per the Investment Policy Statement,” says Barrett.

CRPTF reviewed presentations from the J.P. Morgan Chase Strategic Property Fund, Prudential Property Investment Separate Account LP and UBS Trumbull Prope

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