Quincy Retirement System launches RFP for noncore real estate

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.