Indian River Shores trustees approve redemption requests from two private real‑estate funds after extended debate on REITs vs. private funds

Trustees of the Town of Indian River Shores pension plan approved submitting redemption requests totaling $750,000 from two private real‑estate managers after an extended discussion weighing liquidity, fees and long‑term performance differences between private funds and publicly traded REITs.

Mariner Institutional’s investment consultant, Brad Hest, opened the quarterly report and reviewed market drivers and the plan’s fiscal results, telling trustees the quarter to June 30 produced strong returns led by U.S. equities and that fixed‑income returns were helped by a fall in interest rates. Hest said the plan’s market value rose from about $19.9 million to about $21.2 million over the period, that the plan remained overweight domestic equity relative to its IPS target, and that private real estate had generated modest recent returns (about 1% per quarter) driven largely by income rather than capital appreciation.

The core of the meeting was a long debate among…