Iowa Public Employees Retirement System (PERS) is considering $400m (€387.3m) worth of real asset equity investments in 2023, the pension fund disclosed in a meeting document.
Iowa PERS said the pacing plan for next year will be used to target non-core real assets.
The portfolio will be funded with capital which has become available following the pension fund’s recent real assets target allocation increase from 8.5% to 9.5%.
Iowa PERS issued a request for proposal (RFP) this month for a non-core real assets manager, according to the pension fund’s website. Managers are expected to submit a proposal by 10 February 2023.
The pension fund is seeking to invest via a separate account or a fund as it targets real estate, farmland, timber and infrastructure assets.
Iowa PERS has in the past invested in real estate via a separate account relationship with existing managers including Clarion Partners, Invesco Real Estate, RREEF and UBS Realty Investors.
For non-real estate assets, the $40.6bn pension fund invests through Forest Investment for timber, UBS Farmland Investors for farmland and Brookfield for infrastructure.
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