Investors - MARCH 13, 2017

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PSERS hires new real estate consultant

by Jody Barhanovich

The $26.7 billion Pennsylvania State Employees’ Retirement System has hired NEPC as its real estate consultant, according to a document released by the pension fund.

The new five-year contract with NEPC is set to begin June 1 and is subject to successful completion of contract negotiations. The pension fund’s current real estate consultant contract with The Townsend Group will expire on June 30.

NEPC is a Boston-based investment consulting firm with more than $900 billion in total assets under management. The firm’s clients include defined benefit and defined contribution employee benefit plans, endowments, foundations, insurance companies, and private wealth investment programs.

PSERS has a target allocation to real estate of 15 percent. The retirement system had a 6.5 percent net-of-fees return on investments during 2016 that produced earnings of $2.1 billion for the retirement benefits. The pension fund’s real estate allocation earned a –2 percent r

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