T
he New Jersey Division of Investment (DOI) has issued a request for proposal to select a real estate investment consultant. The selected consultant will advise on the DOI's real estate portfolio and help execute its investment plan over a three-year contract, with potential extensions.

    To be considered, consultants must currently work with at least two pension funds, each managing real estate portfolios valued at $500m or more. Hamilton Lane, the DOI's current real estate consultant, is permitted to participate in the RFP process.

    The DOI plans to allocate around $1.2bn to new real estate investments this year, targeting core, core-plus, value-add, opportunistic, and debt investments across North America, Europe, and Asia. The capital will be deployed through five to eight commitments structured as funds, co-investments, or separate accounts.

    The deadline for application submissions is 18 February, with the DOI expecting to announce its final decision later this year.