California State Teachers Retirement System (CalSTRS) is looking for independent fiduciaries to work alongside the pension fund’s in-house staff in evaluating real estate investment opportunities.
The $318bn (€274.8bn) pension fund has issued a request for proposal (RFP) to find qualified firms to provide evaluation and due diligence services for domestic and international funds, joint ventures and other real estate related projects.
Interested firms that meet the stated requirement in the RFP are expected to submit a proposal by 28 April.
CalSTRS has its $45.2bn real estate portfolio split with target ranges of 50% to 75% for core and 10% to 30% each for value-add and opportunistic.
The pension fund has 26 in-house investment professionals managing the real estate portfolio.
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