Oklahoma Teachers’ Retirement System plans $400m of investments in core, noncore real estate in 2023

The Oklahoma Teachers’ Retirement System (TRS) will issue two invitations to bid at the beginning of 2023 for a total of $400 million in commitments for noncore and core real estate mandates.

The pension fund seeks to place $300 million of commitments in noncore real estate, which includes closed-end commingled funds, and $100 million in core real estate, which follow an open-end commingled structure, in 2023.

According to a Nov. 16 board meeting document, the searches will remain open until the mandate sizes have been fulfilled.

Noncore real estate (traditionally closed-end) funds, will include value-add and opportunistic investment strategies. Noncore funds may purchase and manage specialty properties, in addition to the four main property types, that may require renovation, rehabilitation or development. Core real estate (traditionally open-end) funds will include investments that are operating and substantially leased, primarily invested in the four main p