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Board reviews private real estate history; InterContinental redemptions remain outstanding
Summary
Investment consultant presented the timeline and performance of the pension’s private real estate allocation (Principal and InterContinental), noting strong earlier returns but liquidity limits after 2022; trustees asked about outstanding InterContinental redemptions (roughly $350,000 requested as of 09/30/2025).
Trustees heard a detailed history of the pension’s private real estate allocation and its performance since 2017, when the board first adopted up to a 10% strategic target for private real estate.
Brad Bridal of Mariner Institutional summarized the decision history, performance through the 2018–2021 period, and the liquidity stress beginning in late 2022. He told trustees that the board had asked Principal for redemptions (about $400,000…
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