The Massachusetts Pension Reserves Investment Management Board (Mass PRIM) is planning to issue a Request for Proposal (RFP) for an investment consultant to oversee its real estate and timberland portfolios.
The current contracts for consultants managing both the real estate and timberland portfolios expire at the end of this year.
Currently, firms including Bard Consulting, Callan, Hamilton Lane, Meketa Investment and RCLCO Fund Advisors manage the pension fund’s $9.9bn (€9.5bn) real estate portfolio with International Woodland Company serving as investment consultant for the pension fund’s $3.1bn timberland portfolio.
Mass PRIM’s real estate portfolio is currently overweight in core assets and underweight in non-core and real estate investment trusts (REITs).
The core allocation is 85.7% compared to a 70% target, while non-core comprises 5.5% versus a 10% target, and REITs represent 7.9% compared to a 20% target.
According to a board meeting document, Mass PRIM’s total private real estate investment activity amounted to $1.35bn in 2024.
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