New Hampshire Retirement System (NHRS) has set aside up to $100m (€86.3m) to invest in real estate in fiscal 2021 and plans to increase its weighting to non-core assets to capitalise on any market distress
The $8.3bn pension fund said in a meeting document in the investment plan for the fiscal 2021 year beginning in July, involves evaluating its existing holdings as well as exploring new strategies.
In the near-term, NHRS intends to increase overall non-core weighting to capitalise on any market distress.
To provide additional liquidity, the pension fund issued a partial redemption of $30m from the open-ended Morgan Stanley Prime Property Fund. It, however, rescinded its decision to redeem from the Berkshire Multifamily Income Realty Fund in exchange for a fee discount.
All of the potential investments would be based on the recommendations by the pension fund’s real estate consultant The Townsend Group.
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