Illinois Municipal Retirement Fund, Oak Brook, on Friday issued an RFP for at least one firm to manage a total of up to $50 million in value-added real estate.
The $34.9 billion pension fund had an 8% real estate target allocation and a 4.1% actual allocation as of Nov. 30, according to a report by Callan Associates, the plan’s investment consultant.
The search is part of IMRF’s strategic asset allocation plan to increase its real estate allocation by trimming its allocation to global equities, which is 10 percentage points overweight its 55% target. No managers are being terminated, according to an e-mail from Megha Kauffman, IMRF spokeswoman.
In May, IMRF committed up to $50 million to Starwood Global Opportunity Fund X, an opportunistic real estate fund managed by Starwood Capital Group.
The RFP is available on the pension fund’s website. Proposals are due Jan. 28; a selection is expected by April 23.
IMRF’s investment staff is handling the search, Ms. Kauffman wrote.
