US - The California State Teachers' Retirement System (CalSTRS) has launched a search for a real estate consultant to work for the scheme's investment committee.
The system issued a request for proposals without an estimated value of the contract, but stated it could last up to five years.
CalSTRS also stipulated the applicants should be based in California, but be familiar with both domestic and international real estate, including public, private and real estate backed mortgage investments.
At the end of June 2007, CalSTRS held $16.4bn in real estate making up nearly 28% of its total portfolio.
This allocation ended at the end of the fiscal year, producing a 32.9% return.
CalSTRS posted a 21% overall return on investments in the last fiscal year, adding $26bn to the fund with $170.4bn in assets under management as of 30 June 2007.
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