Value-Added Real Estate Investment Management Services
Massachusetts > Public Employee Retirement Administration Commission > Cambridge Retirement Board
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Description
The Cambridge Retirement Board is evaluating open- and closed-end value-added real estate managers for a potential mandate of up to $30 million. The selected manager will invest and manage the Board’s assets in accordance with Massachusetts General Laws Chapter 32, applicable Public Employee Retirement Administration Commission requirements, the Board’s investment objectives and risk tolerance, and fiduciary standards. The manager must meet with the Board regularly and report portfolio performance at least quarterly; the contractual commitment may not exceed seven years. Respondents must submit separate service and pricing proposals, along with the Fee Response Sheet, Minimum Criteria Response Sheet, and the specified PERAC forms. Required supporting materials include fund reports, a sample due diligence report, offering memorandum, limited partnership agreement if applicable, code of ethics policy, Form ADV Parts I and II, proof of insurance coverage, a generic due diligence questionnaire, and valuation policy. The solicitation requires a registered or exempt investment adviser, institutional investment experience, at least 10 years of private real estate investment experience, at least $1 billion in real estate assets under management, and a value-added real estate strategy. Proposals must be signed, remain firm through March 31, 2027, and include separate service and pricing submissions emailed with all attachments not exceeding 10 MB.
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