Illinois State Universities Retirement System, Champaign, plans to search for real estate managers next year and in 2017 to manage a total of $70 million each year, said Daniel L. Allen, SURS chief investment officer.
Development of the RFPs and a time frame for issuing them in each year haven’t been determined by trustees of SURS, which oversees $16.7 billion in defined benefit assets.
In a separate real estate search still underway, SURS named as finalists Franklin Templeton Real Asset Advisors, Grosvenor Capital Management and Oak Street Real Estate Capital to manage a total of $90 million, Mr. Allen said in an e-mail. All manage funds of funds, seeking to invest in funds managed by minority-, female- or persons with a disability-owned managers.
SURS plans to hire one manager, allocating $30 million this year and then another $30 million each of the next two years. It could make a decision March 12.
NEPC, SURS’ investment consultant, is assisting in the search.