By Muskan Arora
With a
vision to grow its real estate portfolio in 2025, the $75bn New Jersey Division
of Investment seeks a real estate consultant.
The due
date for RFP questions is January 15, and the submission deadline is on
February 18.
For fiscal
year 2025, the pension plan has a target of 8% for its RE sleeve, and invests
across core, core-plus, value-add, opportunistic and debt strategies.
The system allocates 5.76% to its RE sleeve, as of August 31, 2024.
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SIC aims to allocate $1.2bn across five to eight commitments with exposure towards North America, Europe and Asia.
Following
the footsteps of the current consultant Hamilton Lane, the new consultant will
focus on asset allocation and portfolio construction; sourcing, due diligence
and negotiation with the new managers; operational and educational services.
Working
closely with the CIO and deputy CIO, the consultant will be hired for three
years, with an extension period of 2 years.
NJSIC
returned 13.47%, 4.03% and 8.46% for the 1-,3-,and 5-year time period, against
a target allocation of 13.49%, 5.13% and 9.32%, as of August 31, 2024.
