Iowa Public Employees' Retirement System, Des Moines, issued separate RFPs in searches for active and passive U.S. real estate investment trust managers to manage up to a total of $300 million.
IPERS, which oversees $26.9 billion, plans to hire one manager for active and one for passive, although it could hire more than one for each search depending on the outcome of the proposals, according to the RFPs.
“The dollar amounts to be allocated to the passive and active components will be determined after the proposals are received and reviewed,” Judy Akre, IPERS director of communications, said in an e-mail responding to questions.
IPERS is undertaking the searches because of personnel turnover at RREEF Securities, which manages some $300 million in active REITs for the system. Funding would come from RREEF, if IPERS decides to terminate the manager.
Wilshire Associates, IPERS investment consultant, is assisting in the searches.
The active and passive RFPs are both on IPERS' website.
Proposals are due May 30. IPERS board could make a decision on Sept. 18.
