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 spokTempleton 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.