People - APRIL 22, 2014

Oklahoma Teachers taps L&B Realty Advisors for noncore mandate

by Larry Gray

The $13.5 billion Oklahoma Teachers’ Retirement System selected L&B Realty Advisors to manage a noncore real estate portfolio for the pension fund. Under the new commitment, Oklahoma Teachers will invest $15 million to $50 million in a build-to-core strategy that is targeting a total return of 16 percent.

This marks the first investment outside of core properties since the pension fund began investing in the asset class in 2011. The new mandate will build on Oklahoma Teachers’ $545 million core portfolio that is spread among open-end funds managed by L&B, AEW Capital Management and Heitman.

The pension fund recently increased its real estate allocation from 5 percent to 7 percent.

L&B Realty Advisors is a Dallas-based investment manager with $6.1 billion of assets under management.

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