Quincy Retirement System | Non-Core Real Estate RFP Search

May 2024

Public Notice
The Board Members of the Quincy Retirement System (hereinafter “Board”) are seeking proposals from managers of non-core real estate funds. Only equity strategies will be considered.

The Board intends to commit approximately $7 million. Only proposals for experienced managers of closed-end real estate equity funds will be considered. More specifically, the investment proposed should: 1) have a minimum target fund size of $350 million; 2) is well diversified by property type and geography, targeting more than 20 properties; 3) targets a value-add risk profile; 4) only invests in the United States. Secondary and fund-of-funds investments will not be considered. The objective of this Request for Proposal shall be to identify the manager whose expertise will best meet the Board’s goals and needs.

The selected manager(s) must have familiarity with, and agree to comply with Massachusetts General Laws, Chapter 32 and Chapter 176, the regulations of the Massachusetts Division of Public Employee Retirement Administration Commission, 840 CMR, and the PERAC Placement Agent Policy. Please see http://www.mass.gov/perac/ for details. All materials submitted in connection with this search may be subject to disclosure consistent with Massachusetts Public Record laws.

Please be advised that if you cannot commit to the mandatory contract terms enumerated in Exhibit A, then you should not respond to this RFP. These terms are not negotiable – they are statutory requirements. Please also be advised that in agreeing to be a fiduciary with respect to the funds you invest on the Board’s behalf, you must agree to the prudent person standard set forth in M.G.L. c. 32, §,23(3), not the Delaware Act standard.

All bidders are hereby advised that any proposal selected shall be subject to (1) approval of the Board, (2) a written contract and (3) approval of the engagement by the Massachusetts Public Employee Retirement Administration Commission (PERAC).

Due date deadline: May 29, 2024 at 12:00pm EST