Chicago Public School Teachers' Pension & Retirement Fund issued an RFP for an emerging manager to run up to $25 million in industrial-focused non-core real estate.
The $9.9 billion pension fund's RFP gives a preference for the allocation to commingled real estate funds.
To be eligible for inclusion in the search, investment managers must meet the Illinois state statute criteria for emerging managers, requiring firms to have at least $10 million but less than $10 billion in assets under management and ownership by minorities, women or people with disabilities.
The pension fund had an 8% allocation, or $797 million, to real estate and 2.7%, or $274 million, in real estate investment trusts as of Jan. 31, according to its latest report.
The Chicago pension fund expects to select one manager for the allocation, according to the RFP, which is available on the pension fund's website. Proposals are due July 8. A decision could be made Sept. 18.
Townsend Group, the fund's real estate investment consultant, is assisting with the search.
Carmen Heredia-Lopez, the pension fund's chief investment officer, couldn't be reached for comment..