Illinois State Universities Retirement System, Champaign, will search for an unspecified number of real estate managers as a result of raising its target allocation to 7% from 2% of plan assets. Officials for the $12.7 billion pension fund plan to work with consultant Ennis Knupp to develop a list of possible commingled real estate fund managers later this year, said John R. Krimmel, SURS chief investment officer. Managers that seek to be included should contact Ennis Knupp, he said. The system hasn't decided on portfolio sizes or a timetable for the search.
James M. Hacking, executive director of SURS, estimates it will take about three years to achieve the target, saying the system will be looking at real estate managers on an opportunistic basis.