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Pension board approves initial allocation to Cohen & Steers tactical real estate fund
Summary
The General Employees Pension Board approved an initial allocation to Cohen & Steers' Tactical Real Estate Fund (TReF), using proceeds from liquidating Schwab US real estate holdings. The blended 65% private/35% public strategy and fee terms (20% founder discount, 1.15% ongoing fee) were discussed at length.
The General Employees Pension Board voted to begin initial placements into Cohen & Steers' Tactical Real Estate Fund, a blended private-and-public real estate strategy, and to use proceeds from the planned liquidation of the city's Schwab U.S. real estate holdings to fund the initial allocation. The motion was made and approved by voice vote.
Mitchell Brennan of Burgess Chambers presented the recommendation and introduced a Cohen & Steers representative who described TReF as a “tactical real estate fund” that blends private property exposure with publicly traded REITs to increase liquidity and offer exposure to…
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