Fresno City seeks value-add real estate managers to deploy up to $80m
Fresno (Calif.) City Retirement Systems and investment consultant NEPC are undertaking a search to identify one or more value-add managers to deploy $60 million to 80 million.
According to a meeting document from April 27, the move was made in an effort to gain additional exposure in real estate and help move the portfolio toward the target allocation of 15 percent. Fresno is currently below target by about 3 percent of the total fund — or $100 million.
NEPC was to provide staff with potential manager candidates in April and complete screening calls with candidates alongside staff in May. Then NEPC and staff will perform virtual onsite visits with finalist candidates, and the board will review recommended managers in August. Legal and operational due diligence will be completed on the selected managers in Oc