The Boston Retirement System (BRS) made headway in two of its manager searches, as it made $20M in commitments to a pair of real estate funds and invited four candidates to present in February for its hedge fund of funds search.
The pension disclosed in recently released minutes from its December 18, 2024, board meeting that it approved an allocation of $10M each to opportunistic real estate strategies AEW Real Estate Fund X and Kayne Anderson Real Estate Partners VII. Sculptor Capital Management was also considered during the selection process. The search was undertaken by BSR to fulfill its recommended commitment amount of approximately $75M for 2024 – of which $50M had been committed to value-add strategies managed by Mesirow and TerraCap – with an option to borrow funds from the 2025 pacing for additional investments.
Meanwhile, the Boston pension also moved to invite Magnitude Capital, Evanston Capital Management, and existing managers Blackstone and Grosvenor Capital Management to present at the pension’s February 25 board meeting. The four candidates have been selected out of 22 RFP respondents for a potential allocation of up to 2% out of the hedge fund of funds portfolio, which carries a 5% target weight out of Boston Retirement’s $6.35B total portfolio.
General consultant NEPC assisted the pension for both manager searches and selection process.
