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 It, however, rescinded its decision to redeem from the Berkshire Multifamily Income Realty Fund in exchange for a fee discount.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.
To read the digital edition of the latest IPE Real Assets magazine click here.