The Vermont Pension Investment Committee (VPIC) is currently accepting proposals from investment firms to manage a noncore real estate mandate (value-add, opportunistic and/or real estate debt) for the system’s $3.7 billion pension fund. VPIC is willing to commit as much as $36 million to either one or multiple managers.

According to a report from NEPC, VPIC’s investment adviser, potential investment managers must have raised a minimum of one prior real estate fund and must be targeting a fund that has a size of at least $150 million and a target close date no earlier than March 2014. Additionally, the manager must work with VPIC and N