Baltimore Fire and Police on the lookout for RE managers

The US public pension is seeking to boost its allocation to the asset class.

Institution: Baltimore City Fire and Police Employees’ Retirement System
Headquarters: Baltimore, United States
AUM: $2.76bn
Allocation to alternatives: 26.8%
Bitesize: $10-50m

Baltimore City Fire and Police Employees’ Retirement System is seeking to award a $45 million mandate to prospective real estate managers, according to the pension’s February 2020 board meeting minutes.

Successful procurement of real estate fund managers will enable Baltimore to fulfil its 2020 real estate pacing plan.

The $2.76 billion US public pension has an 11.0 percent target allocation to real estate that currently stands at 9.40 percent. Baltimore Fire and Police recently increased its allocation to the asset class by 0.60 percent from 8.80 percent in January 2020.

As illustrated below, the pension has made three commitments to real estate funds with vintage years of between 2016 and 2018, which combined constitute $70 million.

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