Investors - MAY 9, 2017

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Massachusetts-based pension seeks investment managers

by Jody Barhanovich

The $480 million Massachusetts Water Resource Authority Employees’ Retirement System is accepting proposals from investment firms to manage a private real estate mandate for its defined benefit pension fund.

In order to be considered, the candidates must be raising a closed-end, value-added or opportunistic real estate fund and have experience with at least one prior fund focusing in those areas. Open-ended and core real estate managers and REITs will not be considered. The new manager’s fund must also not close earlier than fourth quarter 2017. In addition, Massachusetts Water would prefer that the fund be raising at least $250 million; however, lower amounts may be considered.

The pension fund may commit up to $4 million with the new manager(s) through 2017.

NEPC, investment consultant to the pension fund, is assisting with the search. The RFP can be found on

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