Illinois Municipal Retirement Fund, Oak Brook, is searching for a manager of emerging real estate managers to run at least $75 million.
The $35.9 billion defined benefit pension plan will only consider firms that invest through managers that meet the state of Illinois’ requirement that 51% of the manager’s ownership be held by minorities, women or persons with a disability, according to the RFP on the pension fund’s website.
Franklin Templeton Real Estate Advisors is the incumbent and can rebid, said Megha Kauffman, IMRF spokeswoman.
IMRF’s real estate portfolio had a net asset value of $1.6 billion and $785 million in unfunded commitments, both as of May 31, according the RFP.
The pension fund’s real estate target allocation is 8%; currently, 56.5% is in core strategies and the remainder in non-core, including U.S. value-added and opportunistic, international opportunistic and debt strategies.
The RFP is on the pension fund’s website. Proposals are due Aug. 12, with a selection expected by Nov. 19.