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Boston Retirement System- Real Estate Manager Search

Posted on: September 12, 2019

The Boston Retirement System (the “System”) is soliciting proposals from investment management firms to manage a Real Estate mandate for the System's $5.1 billion, defined benefit, pension fund. The goal of this search is to fill a total of $100 million in potential Real Estate commitments across three strategy types: (1) Debt, (2) Value-Add and (3) Opportunistic.

To be considered, the candidate must satisfy the below criteria for one of the three strategies:

Fund Strategy

Debt

Value-Add

Opportunistic

Fund Style

Real Estate Debt

Real Estate Equity

Real Estate Equity

Fund Structure

Closed-End, Private

Closed-End, Private

Closed-End, Private

Geographic Focus

U.S.

U.S.

U.S. or Global

Property Focus

Diversified

TBD (Diversified and Focused may be considered)

Diversified

Minimum Fund Size

$200 million

$200 million

$200 million

Other Requirements

Manager must have raised   at least two prior funds

Manager must have raised at least two prior funds

Manager must have raised at least two prior funds

Final Close Date

No earlier than December 31, 2019

No earlier than December 31, 2019

No earlier than December 31, 2019

Managers submitting proposals must work with NEPC to conduct due diligence and are expected to provide track record performance data through June 30, 2019 (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. 

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 October 3rd, 2019. Please include reference to Boston Retirement System Real Estate Search in the subject line of your email.

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

Search Notice

Closed-End Real Estate Fund RFI

Appendix I

Appendix II

Appendix III

 

PERAC Forms

Placement Agent Form

Vendor Certification Form

Vendor Contact Information

Vendor Disclosures

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