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Boston Retirement System - Real Estate

Posted on: February 25, 2021

The Boston Retirement System (the “System”) is soliciting proposals from investment management firms to manage a Real Estate mandate for the System's $6.0 billion, defined benefit, pension fund. The objective of this search is to fill a total of $140 million in potential Real Estate commitments across two strategy types: (1) Value-Add and (2) Opportunistic.

The Boston Retirement System (the “System”) is soliciting proposals from investment management firms to manage a Real Estate mandate for the System's $6.0 billion, defined benefit, pension fund. The objective of this search is to fill a total of $140 million in potential Real Estate commitments across two strategy types: (1) Value-Add and (2) Opportunistic.

To be considered, the candidate must satisfy the below criteria:

Fund Strategy

Value-Add or Opportunistic

Fund Style

Real Estate Equity

Fund Structure

Closed-End, Private

Geographic Focus

U.S. or Global

Property Focus

Diversified or Focused

Minimum Fund Size

$100 million

Other Requirements

Manager must have raised at least two prior funds

Final Close Date

No earlier than April 30, 2021

Managers submitting proposals must work with NEPC to conduct due diligence and are expected to provide track record performance data through December 31, 2020 (or most recent available). Current managers are encouraged to submit proposals.

Managers selected must have familiarity with and agree to comply with Massachusetts G.L. Chapter 32, Chapter 176 of the Acts of 2011 and all applicable investment guidelines administered by PERAC. The selected firm must be willing to complete supplemental disclosures and certification documents required by PERAC. In addition, managers must be registered with either the Securities and Exchange Commission or with the Secretary of State where the firm is domiciled. All materials submitted in connection with this search may be subject to disclosure consistent with Massachusetts Public Record laws.

You may download the RFI and PERAC documents on NEPC’s website (www.nepc.com). Please submit all four of the PERAC forms, the three appendix items and the RFI document. The Board reserves the right to cancel or reject in whole or part any or all proposals in the best interest of the retirement system.

All questions should be directed via email to the following contact (no phone calls please). Proposals must be submitted to BRSSearch@nepc.com by 2:00 p.m. EDT on March 12th, 2021. Please reference Boston Retirement System Real Estate Search in the subject line of your email. Proposals received after the deadline will not be considered.

Please follow all directions carefully! Any response that is not completed according to the enclosed instructions will be rejected. Thank you in advance for your participation in this search.

Data Request Forms

Closed-End Real Estate RFI

Appendix I

Appendix II

Appendix III

PERAC Forms

Placement Agent Form

Vendor Certification Form

Vendor Contact Information

Vendor Disclosures

Topics: Real Estate

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