New York Teachers Commits $130M To Private Equity Real Estate

Jul 3 2008 | 2:00am ET

The New York City Board of Education Retirement System is looking to deploy approximately $130 million to private equity real estate investments and is seeking exposure to a diverse range of property types through stable return and enhanced/opportunistic investments.

The system has issued a request for qualifications from managers to implement its new mandate via fund of funds or limited partnerships. Individual direct property investments, funds of predominantly debt securities, and discrete real estate investment trust portfolios will not be considered. 

Firms must have at least $100 million of committed capital in a prior fund, at least $1 billion in committed capital in all real estate investment vehicles and at least one public fund investor with aggregate assets over $1 billion. Firms must also have a five-year track record managing private real estate products.

The RFQ is available on the New York City Comptroller’s Web site and proposals are due July 30.

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