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New Hampshire to commit $50m to real estate in 2017

by Reg Clodfelter

The $7.3 billion New Hampshire Retirement System plans to commit a minimum of $50 million to new real estate investments during fiscal year 2017, according to its fiscal year 2017 real estate investment plan.

The capital will help the pension plan maintain its target allocation to real estate of 10 percent. Currently, 11.7 percent of NHRS’ assets are committed to the asset class.

The capital will be recycled from liquidating 2004 and 2005 vintage commingled funds, as well as early realizations from 2010 and 2011 commingled funds. The capital could be deployed into either NHRS’ strategic (core/core-plus) portfolio or its tactical (noncore) portfolio, though the strategic portfolio is currently 12.8 percent overweight.

If investments are made within the tactical portfolio, the pension plan will target co-investments and secondary purchases, as opposed to commingled fund commitments, in order to “achieve attractive relative returns and

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