Ohio PERS Broadens Real Estate Horizons
September 3, 2008
The Ohio Public Employees Retirement System (OPERS) has kicked off a search for a real estate investment manager to oversee an international public securities mandate.
The portfolio will be for up to $600 million.
Rich Baker, spokesman for the $76 billion plan, explained that the search is being conducted as a part of OPERS' effort to add an international component to its public real estate portfolio. He also noted that the board could choose to hire more than one manager in the search.
OPERS has a 7% allocation to real estate and a 1% allocation to REITs, according to its Web site. The rest of the plan's asset allocation consists of 45.2% U.S. equity, 20% non-U.S. equity, 24% global bonds, 2.4% private equity and .4% opportunistic.
Baker said that the search is being handled internally.
The Townsend Group serves as the plan's real estate consultant, while Mercer is the system’s general investment consultant.
The deadline for proposal submissions is Sept. 26. Baker said that the board hopes to have a selection made and new manager funded by April 1, 2009.
The RFP is available at opers.org.
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