Cook County Annuity & Benefit Fund, Chicago, issued an RFP for a non-core commingled real estate investment manager to run $60 million.
Only closed-end commingled funds will be considered, and prospective managers must have at least $500 million in assets under management, according to the RFP.
Funding will come from a Russell Investments transitional REIT account. No managers were terminated, said Fernando Vinzons, investment officer at the $9.1 billion pension fund.
The assets were moved from U.S. equities in a rebalancing in 2011 that raised the pension fund's real estate allocation to a target of 8% of total assets, from 5%.
The RFP is on the pension fund’s website. Proposals are due at 3 p.m. CDT Sept. 19. A selection date has not been set.
Callan Associates, the pension fund’s investment consultant, is assisting.