Massachusetts retirement fund seeks two real estate managers
Holyoke (Mass.) Retirement System is seeking real estate managers to run $9 million for core real estate in an open-end fund and $10 million for value-add real estate in a closed-end fund, according to an RFP. Core open-end fund managers must have at least five years experience and at least $500 million of real estate assets under management. Value-add closed-end fund managers also need five years of experience, though only $200 million in real estate assets under management is required. The contracts of the $240 million pension fund’s current managers, American Realty Advisors and Invesco, are set to expire at the end of the year; both managers can rebid. The pension fund’s investment consultant, Segal Rogerscasey, is assisting with the search. The RFP is available on Segal Rogerscasey’s website. Proposals are due September 21.