The $2.7 billion Baltimore Fire & Police Employees’ Retirement System (F&P) has put its search for real estate managers on hold due to the COVID-19 pandemic, a spokesperson for the pension fund confirmed in an email at the end of March.

The pension fund may also seek to boost its target allocation to real estate; however, due to the fluctuation of the market, Fire & Police communications director Amy Baskerville said it is too soon to address asset reallocation. As of March 17, Fire & Police had a 5.9 percent allocation to core real estate, with a portfolio valued at $162 million. The retirement system was overweight to the asset class, with a 4 percent target allocation.

Kali Persall is a reporter at Institutional Real Estate, Inc.