The Quincy (Mass.) Retirement System is seeking proposals from managers of noncore real estate funds, in which the board is planning to commit around $5 million to $7 million.
Quincy only will consider proposals from experienced managers of closed-end real estate funds. The investments proposed should have a minimum target fund size of $350 million; be well-diversified by property type and geography, targeting more than 20 properties; target a value-add risk profile; and invest exclusively in the United States. Secondary and fund-of-funds investments will not be considered.
As of Dec. 31, 2022, Quincy had an 11 percent allocation to real estate, representing $86 million, against a target allocation of 10 percent.
The deadline to submit bids is March 24. For more information, click here.
