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Alternatives review: Portsmouth fund to redeem core real estate stake, redeploy into uncorrelated strategies
Summary
Greystone and Morgan Stanley’s OCIO described four alternative investments the fund holds — two real‑estate mandates and two hedge funds — and said the board’s manager has begun redeeming the ARA core property fund with proceeds expected through 2026 and plans to redeploy into strategies that provide uncorrelated returns.
At the board’s request Greystone and Morgan Stanley’s OCIO gave a focused explanation of the retirement fund’s alternatives allocation and why the managers hold those strategies. Mark Dichik (Morgan Stanley OCIO) explained that alternatives are broadly intended to provide uncorrelated returns to stocks and bonds and come with higher fees and varying liquidity.
He described the four alternative holdings in the portfolio: an ARA core property fund (open‑ended core real estate), a Lual net‑lease real estate fund, Hudson Bay (a…
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