Illinois State Board of Investment, Chicago, rehired Marquette Associates as general investment consultant and real estate consultant after conducting RFP searches, said William R. Atwood, executive director.
ISBI oversees $12.9 billion in defined benefit assets, including $1.1 billion in — or a 9.2% allocation to — real estate. The target allocation is 10%.
Other finalists were NEPC, which submitted a proposal for either general consultant or combined general and real estate consultant; Strategic Investment Solutions, for general consultant; and Courtland Partners, for real estate consultant.
“There wasn't a bright-line difference between the … proposals,” Mr. Atwood said. “With the lack of differentiation, it came down to price, the devil you know and the devil you don't know, and location.” Marquette is based in Chicago.
ISBI issued RFPs for both posts in November because state statute requires rebidding for vendors every five years, Mr. Atwood said.