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Alternative Assets  + Real Estate  | 
Boston Retirement to Add Real Estate Strategies

Boston Retirement to Add Real Estate Strategies

The Boston Retirement System (BRS) has issued a request for proposals (RFP) for $75 million in new real estate commitments.

The $6.8 billion pension system is looking for closed-end private real estate funds that will invest in either value-add or opportunistic strategies. Preferred funds intend to raise more than $200 million and will not close before July 31.

In September, BRS trustees appointed Cohen & Steers and Ares Management to manage $20 million in each of their closed-end funds. Cerberus Capital Management’s Cerberus Institutional Real Estate Partners was also a finalist in the hunt.

The Cohen & Steers Real Estate Opportunities Fund invests in private real estate through direct transactions, co-investments, private fund interests (primary and secondary), and pre-IPOs/special situations.

The fund intends to raise $650 million in institutional capital, according to board meeting minutes. Ares’ AREOF III follows the fund series’ strategy of investing in multifamily, industrial, hospitality, and triple net lease.

The $75 million pacing plan for this year is due to the pension fund’s overall rise in assets last year.

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Boston Retirement System

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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