The City of Fresno Retirement Systems is searching for a new investment manager, it said Monday.
The $2.5 billion pension system is looking for an opportunistic and value-add manager to focus on US strategies. Fresno plans to invest up to $30 million with a new manager in 2016.
Submissions are due December 31 and can be accessed through the pension’s consultant, NEPC. To be considered, applicants must be registered with the US Securities and Exchange Commission; have five years’ experience investing in value-add and opportunistic real estate; complete required forms; and raise at least $200 million in a fund with a final close after June 30, 2016.
The pension system’s request for information asks for a fund overview and strategy, competing vehicles, types of properties in the fund and its geographic focus and existing investments. Fresno also included questions about leverage strategy, deal sourcing capabilities, employee departures and additions, views on market conditions and a history of the last three funds raised, in addition to other information.
The City of Fresno Retirement Systems encompasses the California city’s Employees Retirement System and Fire & Police Retirement System.
The City of Fresno Retirement Systems has previously invested in JP Morgan Strategic Property Fund, a core private real estate vehicle. JP Morgan Asset Management launched the $24.2 billion Western Europe fund in 1998. The asset manager invested about half of the vehicle’s capital in offices and 25 percent in retail last year, according to an investor presentation.
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