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NY Teachers targets $130m for RE

The New York City Board of Education Retirement System is looking to broaden its investment portfolio with a $130 million allocation to real estate.

The New York City’s Comptroller’s office has issued a “request for qualifications and expressions of interest” in a real estate investment program on behalf of the New York City Board of Education Retirement System (NYCBERS). NYCBERS covers employees with the City and School District of New York. The system was not immediately available for comment.

According to the proposal, NYCBERS plans to allocate approximately $130 million (€82.8 million) to real estate including to core as well as opportunistic investments. The deadline for proposals is July 30.

The system is considering requests from fund managers, fund of funds, limited partnerships and open-end real estate funds as well as other vehicles, according to the Comptroller’s office.