Iowa Public Employees Retirement System has selected BentallGreenOak (BGO) and CBRE Investment Management as new separate account real estate managers.
The selection follows a manager search launched in March, for which American Realty Advisors, Harrison Street and Stockbridge were the other three finalists.
The pension fund disclosed in a board meeting document that the appointments will be finalised following a final due diligence and contract negotiation.
The BGO account will pursue a core-plus investment strategy mainly focused on acquiring industrial and multi-family assets across the US. The account also has the flexibility to allocate some capital to infrastructure-oriented commercial assets, such as cold storage, medical office and R&D/advanced manufacturing properties.
BGO did not respond to a request for comment.
The CBRE account uses a core strategy for US-only investments, primarily focusing on industrial and multi-family assets, with the potential for purchases in specialty property types like life science, self-storage and student housing.
CBRE did not respond to a request for comment.
The allocations to the new managers could use part of the up to $300m (€257.7m) in total real estate commitments planned for the 2026 calendar year, according to Iowa PERS.
The remaining real estate capital is earmarked for recycling proceeds from real estate dispositions and funding a new triple-net real estate mandate.
For its broader private real assets strategy in 2026, Iowa PERS has planned up to $750m in total commitments.
This comprises up to $600m for other real assets, including new infrastructure mandates, and up to $125m reserved for co-investments, which is expected to be issued across four to six transactions next year.
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