Massachusetts pension plan searches for real estate manager
The $655 million Norfolk County (Mass.) Retirement System (NCRS) has issued an RFP for a new private equity real estate manager. The search was prompted by a recommendation by NCRS’ investment managers after reviewing its portfolio. According to the RFP, applications are being accepted through Aug. 2, with a final decision expected by year-end. NCRS is looking for firms that have at least one prior private real estate fund, have a domestic focus, and have more than 50 percent ownership help by the key investment professionals. NCRS has a target allocation to real estate of 7.5 percent.