Connecticut's Retirement Plans and Trust Funds is looking for a real estate consultant for a portfolio worth over $1bn.
Following an asset allocation study the state of Connecticut Retirement Plan and Trust Funds (CRPTF), currently worth $21bn (£14.7bn), has set a 5% allocation for real estate investments. Currently, real estate investments total $500m (£349.9m), which is 2.4% of the 5% target allocation.
Currently external asset managers have responsibility for the management for all investments. Approximately $350m is invested in four commingled funds that target opportunistic returns. An additional $40m is invested in other commingled funds and the balance of the REF investments consists of separate account investments, each with a different investment manager.
The benchmark for the REF is currently the National Council of Real Estate Investment Fiduciaries (NCREIF) index published by Frank Russell.
The Connecticut Office of the Treasurer (OTT) has overall responsibility for the CRPTF. The daily management of the REF is the responsibility of the Pension Funds Management Division (PFM) of the OTT. PFM includes one individual who is dedicated to REF and others who provide assistance on an as needed basis.
By Geoffrey Ho
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