Chicago Laborers' Annuity & Benefit Fund is searching for a non-core, value-added real estate manager to run $10 million, said Michael Walsh, executive director and chief investment officer.
The board of the $1.35 billion defined benefit plan approved issuing the RFP at a meeting Jan. 19. Investment consultant NEPC is assisting.
The pension fund had a 3.5% allocation to real estate as of Dec. 31. Its current real estate managers are ASB Real Estate Investments, Capri Capital Partners, John Buck Co. and Mesirow Financial Real Estate, according to the Chicago Laborers' website.
The RFP is on NEPC's website.
Proposals are due at 5 p.m. CDT March 29. A hiring date has not been set, Mr. Walsh said.