MWRA Retirement System Seeks $40M Core-Plus Real Estate Debt Manager
The $860 million Massachusetts Water Resource Authority Employees’ Retirement System has launched a search through consultant NEPC for a manager to oversee a $40 million core-plus real estate debt mandate.
The system is seeking a strategy offered through an evergreen or REIT structure and will not consider closed-end private real estate funds. Proposed funds must have at least $1 billion in assets, and a five-year track record is preferred. Responses are due to NEPC on Oct. 9.
The search marks a shift in approach. In its previous real estate debt search in November 2024, the system sought managers raising closed-end funds and excluded open-end core and core-plus strategies. That mandate was for up to $10 million, when the pension had about $720 million in assets.
MWRA’s real estate portfolio totals $114 million. Its only other real estate debt investment is RRA Real Estate Debt Fund III, which received a $7 million commitment in 2025.
The search adds to a busy year for the pension. Responses closed July 15 for a $20 million middle-market buyout mandate, with Advent International, Capital Dynamics, Charlesbank Capital Partners, Gridiron Capital and HarbourVest Partners named finalists over the summer. In April, the system began a search for a diversified hedge fund of funds or multistrategy fund, in which Evanston Capital was a finalist. The pension targets a 6% allocation to hedge funds.