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PERS board approves $150M in real-estate commitments, advances investment-consultant RFP
Summary
Trustees approved $75 million commitments each to Blue Owl Real Estate Fund and Crow Holdings Diversified Value Add Fund, heard manager presentations and advanced an investment-consultant RFP; CIO reported unaudited year-to-date returns of about 12%.
The Public Employees Retirement System of Mississippi board approved $75 million commitments to each of two real-estate funds and directed staff to advance a request for proposals for an investment consultant.
Chief Investment Officer Charles Nelson gave an investment update and reported unaudited year-to-date returns of approximately 12% on the portfolio. The investment committee reviewed manager fees and heard presentations from existing and potential managers, including Artisan, Victory and Eagle Capital, and two real-estate candidates: Blue Owl Real Estate and Crow Holdings Diversified.
Following committee discussion, the board approved staff recommendations to commit $75,000,000 to Blue Owl Real Estate Fund and $75,000,000 to Crow Holdings Diversified Value Add Fund. The committee also moved to advance a draft RFP for an investment consultant and the board approved moving the RFP forward to the next stages of the procurement process. Motions were recorded and passed by voice vote.
Investment staff will finalize commitment documentation with the selected managers and issue the RFP over the coming months; the board requested periodic updates to the investment committee on terms and progress.
