Illinois State Board of Investment, Chicago, issued separate RFPs in searches for a real estate consultant and private equity consultant.
The $15.7 billion board's incumbents are Courtland Partners for real estate consulting and Franklin Park Associates for private equity consulting. Both can rebid, said William R. Atwood, executive director.
ISBI is undertaking the real estate consultant search “to compare Courtland to the marketplace. “Courtland is a fairly boutique firm and (ISBI wants to compare) them with larger firms and see what our options are in that regard,” Mr. Atwood said. Courtland has been ISBI's real estate consultant for three years.
ISBI is doing the private equity consultant search because state statue requires putting services up for bid every five years, and “Franklin Park is coming up on five years” as ISBI's private equity consultant, Mr. Atwood said.
In real estate, ISBI, which has a 10% target allocation, had $688 million invested in commingled funds, $563 million invested in a separate account program, $253 million invested in private investment funds and $203 million in commitments as of Sept. 30.
In private equity, ISBI, which has a 5% target allocation, had $676 million invested in private investment funds and $337 million in commitments as of Sept. 30.
The RFPs are available on ISBI's website. Proposals for both RFPs are due May 18. ISBI expects to make a decision June 19.