Chicago Municipal Employees’ Annuity and Benefit Fund aims to invest up to $75 million in real estate in 2011 and will look for managers to run the money, Jim Mohler, chief investment officer of the $5.1 billion fund, said in a telephone interview.
Mr. Mohler said the fund is looking to invest in open-end and closed-end funds and will seek managers in an RFI that will be posted on its website before the end of the year.
He said the fund has a 10% real estate target and 6.5% invested in the asset class. He said the $75 million will bring invested assets to about 8%, and the fund will likely put more money in real estate after 2011.
“We don’t want to put everything into one year,” he said. “We want to do it over a period of time.”
General consultant Marquette Associates will assist, Mr. Mohler said.