Callan, on behalf of a U.S. pension plan, is conducting a search for qualified real estate investment managers to partner with the client through a new joint venture program. The proposed joint venture will target value-add industrial real estate projects through acquisitions of individual properties or portfolios in primary U.S. markets with a total equity commitment of $150–$300 million. The preferred structure is a joint venture partnership with the client holding major control rights; club deals or managed accounts with shared control may also be considered. A commingled fund investment will not be considered.