The $351 billion California Public Employees’ Retirement System has opened a solicitation for a transition manager or managers to assist with its $30.54 billion real estate portfolio. The pension fund is looking for one or more firms to manage $200 million to $400 million in potential equity, with the possibility of growing the account over time.

The new managers’ focus will be on core-plus and value-added office buildings in the San Francisco Bay Area and New York City.

Clinton Stevenson, director for investment manager engagement programs for CalPERS, says the retirement system is not looking for a manager; instead, they are “looking for a partner.” He says CalPERS opened the solicitation for performance and for the investment opportunities it sees in the San Francisco Bay Area and New York City.

CalPERS is hoping to find a firm that will be investing in cash-generating, stable assets and have the inflation protection they need, says Stevenson. The pen