Illinois Municipal Retirement Fund, Oak Brook, is searching for managers to run $150 million in open-end core commingled real estate funds, according to an RFP.
The board could hire more than one manager, depending on the quality of the proposals, said Linda Horrell, communications manager for the $23.3 billion fund.
The RFP is available at http://www.imrf.org/portal/index.php?option=com_content&view=category&layout=blog&id=62&Itemid=129.
Proposals are due July 6.
Callan Associates, the board’s consultant, is assisting in the search.
The fund currently has only a 1.8%, or $423 million, actual allocation to real estate out of a target of 6%, according to a fund report.
The source of the funding hasn’t been determined, Ms. Horrell said.