WRS issues RFP for real estate manager

The Massachusetts-based public pension is on the lookout for closed-end, non-core real estate opportunities.

Institution: Worcester Retirement System
Headquarters: Worcester, US
AUM: $977.17 million
Allocation to alternatives: 22.78%

Worcester Retirement System has issued an RFP for prospective real estate managers, according to a news release on its investment consultant Meketa’s website. WRS’s mandate is for approximately $15 million. The pension is targeting managers offering closed-end, non-core real estate opportunities.

The RFP also specifies that WRS is seeking real estate equity funds only and will not be considering real estate debt vehicles. The RFP further states that managers offering first-time funds will not be considered. Public real estate strategies, secondaries vehicles and funds of funds are also excluded from potential considerations.

The submission deadline for prospective managers is 13 August.

As illustrated below, the $977.17 million US pension currently allocates 7.6% of its investment portfolio to real estate.

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