Illinois State Board of Investment, Chicago, today authorized a search for limited partnerships to run a total of $100 million in non-core real estate.
No RFP will be issued; Townsend Group, the $10.1 billion fund's real estate consultant, seeking to identify candidates on an opportunistic basis.
ISBI expects to deploy the allocation among four limited partnerships, assigning each $25 million, said William R. Atwood, ISBI executive director. The search could take 18 months to complete, he added.
The search is part of an increase by the board in its real estate allocation.