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MWRA Retirement System - Open Ended Core Real Estate Manager Search

Posted on: September 6, 2018

The Massachusetts Water Resource Authority Retirement System (the “System”) is accepting proposals from investment firms to manage an Open Ended Core Real Estate mandate for the System's $544 million, defined benefit, pension fund. The System anticipates making an allocation of approximately $15 million; REITS, and closed-end private real estate strategies will not be considered and existing managers are encouraged to respond. The System may invest with potentially more than one open ended core real estate manager(s). In order to be considered, the candidates must meet the following criteria:

  1. Candidates must have familiarity with and agree to comply (in writing) with Massachusetts G.L. Chapter 32 and Chapter 176 of the Acts of 2011.  Additionally, candidates must have familiarity and agree to comply with the reporting and investment guidelines administered by PERAC.  Guidelines can be found in the attached links.

https://malegislature.gov/Laws/SessionLaws/Acts/2011/Chapter176

https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIV/Chapter32

  1. Candidates must read and agree to the attached side letter pertaining to mandatory contractual language, based on the guidelines above.
  2. Preferred fund size of at least $500 million in strategy assets, however, lower amounts may be considered subject to Board discretion
  3. Strategies must be diversified by exposure and geographically across the United States
  4. Candidates must be registered with the SEC or Massachusetts Secretary of State
  5. Candidates must complete the attached RFI, along with each appendix.  Responses which do not have a completed RFP may be rejected.

All questions should be directed via email to the following contact, (no phone calls please).  RFP should be received, in electronic format (no hard copies please) no later than 4:00 pm EDT, Friday, September 28, 2018.

Lebohang McCallum
Analyst
NEPC, LLC
255 State Street
Boston, MA 02109
LMccallum@nepc.com

Elizabeth Fenn
Research Analyst
NEPC, LLC
255 State Street
Boston, MA 02109
EFenn@nepc.com

Cover Letter

Open-End Real Estate Fund RFI

Open-End Real Estate Fund Data RFI

Side Letter

PERAC Forms

Placement Agent Form

Vendor Certification Form

Vendor Contact Information

Vendor Disclosures

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