Massachusetts Pension Reserves Investment Management Board (Mass PRIM) expects to invest $200m (€173m) with real estate managers over the next two years as part of a new emerging and diverse manager investment programme.

Mass PRIM disclosed in a meeting document that alongside its investment staff, Cambridge Associates will help oversee the real estate programme to ensure full transparency of the programme.

Cambridge Associates will also have full investment discretion to source and select the managers that will be part of the programme.

Mass PRIM expects the investments to be made through funds, co-investments or joint ventures.

The amount set aside for real estate is part of a $1bn allocation the pension fund has allocated for its new emerging and diverse manager investment programme which also includes fixed-income, private equity, hedge funds and global equity asset classes.

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