Illinois Municipal Retirement Fund, Oak Brook, on Tuesday issued an RFP for at least one commingled real estate manager to run at least $100 million focused on Europe and/or Latin America.
More than one manager could be hired, according to the RFP on the $32.3 billion pension fund's website. Proposals are due Dec. 30. A selection is expected by April 24.
Callan Associates, the pension fund's investment consultant, is assisting.
The pension fund's board on Nov. 22 increased its real estate investment target to 8% from 6% as part of a new strategic asset allocation that also lowered targets to fixed income and international equity.