CalPERS seeks transition managers

The 351 billion US public pension fund is searching for mid-sized managers for its office investments.

The California Public Employees’ Retirement System (CalPERS) is looking for real estate managers for its transition manager program.

The pension fund aims to appoint one, or potentially two, real estate managers to handle its $200 million to $400 million office investments in New York City and San Francisco.

Eligible managers must operate in New York or San Francisco, and manage not less than $250 million in net asset value in office properties for at least five years.

The application deadline is 7 September 2018.

The transition manager program was launched in 2015 and targeted to allocate $7 billion to mid-sized managers that have demonstrated early stage success. Currently, the transition program has appointed three managers for private equity and global equity investments.

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