Illinois Teachers' Retirement System, Springfield, issued an RFP for the $37 billion pension fund's first real estate co-investment consultant.
Trustees extended the co-investment process, which has been used successfully in the pension fund's $3.8 private equity portfolio for more than a year, to the retirement system's $4.4 billion real estate portfolio, said David Urbanek, a spokesman.
Consulting services sought include implementing a real estate co-investment program, including setting investment policy and objectives; evaluation of co-investment opportunities; due diligence; and performance measurement and reporting, according to the RFP.
The full RFP is available on the system's website. Responses to the RFP are due at 2 p.m. CDT on Aug. 16; a decision is expected to be made at the Oct. 26 board meeting.
The teachers' fund also posted an online RFP for a new investment performance measurement system to replace the current system, which was built in-house, Mr. Urbanek said.
According to the RFP, the pension plan is seeking “a cost-effective performance measurement and reporting system,” that tracks investment activity and calculates both gross and net returns for the nearly 650 individual accounts and aggregates that the internal system now handles.
The full RFP is available here. Proposals are due by 2 p.m. CDT Aug. 15; a selection is expected to be made at the Dec. 11 board meeting.
Mr. Urbanek said contract start dates will be determined by TRS and the contractors based on the search process and contract negotiations.