Illinois State Board of Investment, Chicago, will issue an RFP later this month for two core real estate managers to run $300 million each in separate accounts. Funding will come from reducing portfolios of State Street Global Advisors, which manages about $900 million in core and intermediate fixed income for the fund. William Atwood, the $10.6 billion board's executive director, said the RFP will be available in mid-May from Townsend, the fund's real estate consultant. A due date for proposals hasn't been set yet. The board hopes to make a decision in August.
The search is part of a restructuring to move the real estate allocation closer to that of the NCREIF Property Index, which is 70% core. The board has $630 million in real estate assets.