Illinois Municipal Retirement Fund, Oak Brook, issued an RFP on Friday for one or more money managers to run a total of at least $100 million in agriculture investments.
The $32.3 billion pension fund will consider domestic and international separate accounts, takeover managers and commingled fund managers, according to the RFP. Funds of funds will not be considered.
The search is one result of a new strategic asset allocation the pension fund's board approved Nov. 22 and began implementing Jan. 1. The target allocation for alternatives was raised to 9% — 5% private equity, 2% absolute return, 1% agriculture and 1% timber. The alternatives target had been 6%. Real estate was raised to 8% from 6%, while fixed income was trimmed to 27% from 29% and international equity, to 17% from 20%. Its 38% U.S. equity and 1% cash targets were not changed.
The RFP is available on IMRF's website. Proposals are due Feb. 14; selections are expected by June 19.
Callan Associates is assisting.
John Krupa, IMRF spokesman, wouldn't provide further details citing the pension fund's quiet period policy during active RFPs.