New Jersey Division of Investment (DOI) has issued a request for proposal (RFP) to hire a real estate investment consultant as it prepares to allocate around $1.2bn (€1.16bn) to new real estate investments in 2025.
According to the RFP, consultants responding to the search must currently be working with at least two pension funds, each managing real estate portfolios valued at no less than $500m.
The pension fund said its current real estate consultant, Hamilton Lane, is permitted to participate in the RFP process.
The selected consultant will be engaged under a three-year contract, with potential extensions of one or two years, to advise on New Jersey DOI’s real estate portfolio and ensure the execution of its investment plan.
The deadline for application submissions is 18 February. New Jersey DOI expects to announce its final decision later this year.
New Jersey DOI issues investments for seven different pension funds within the state of New Jersey for its real estate. These include the Public Employees’ Retirement System of New Jersey and The Police and Firemen’s Retirement System of New Jersey.
New Jersey DOI which disclosed in the RFP that its plan to deploy approximately $1.2bn in new real estate investments this year, expects to allocate the capital across five to eight commitments structured as funds, co-investments or separate accounts.
The pension fund’s strategy targets core, core-plus, value-add, opportunistic and debt investments in real estate assets located in North America, Europe or Asia.
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