Etablissement de Retraite Additionnelle de la Fonction Publique (ERAFP), Paris, intends to appoint its second real estate manager in the first quarter of 2012, Pensions & Investments reports. The size of the mandate was not disclosed,
The €11 billion fund has just appointed AEW Europe to manage €40 million in real estate. The scheme decided in January to allocate 4 percent to real estate in order to diversify and take advantage of the inflation hedge and liquidity premium. The rest of the fund’s assets are held 77 percent in fixed income, 17 percent in equities and the balance as cash.
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