Illinois State Universities Retirement System, Champaign, issued an RFP for general investment and real estate consulting services for its $14.9 billion defined benefit plan and $1.2 billion 401(a) plan.
The board could hire consultants that provide both services or separate services.
“To date, SURS has not had a specialist real estate consultant,” Mr. Allen said in an e-mail. “The search will allow bids for the general consultant role, real estate consultant role or both. The board and staff will review the responses and determine which direction to pursue.”
Callan Associates, SURS’ general investment consultant, also consults on real estate. SURS issued the RFP because Callan’s contract expires Dec. 31, Mr. Allen said in the e-mail. Callan was hired in January 2011. Callan is invited to rebid, Mr. Allen added.
SURS has 7.3%, or $1 billion, of its defined benefit assets in real estate and a target allocation of 10%. The participant-directed 401(a) plan offers two real estate funds among its investment choices.
The RFP is available on the SURS website.
Proposals are due June 10. The board expects to make a decision Dec. 31.