Illinois Municipal Retirement Fund, Oak Brook, on Monday issued an RFP for an open-end core European real estate manager to run at least $100 million.
The $34.3 billion defined benefit plan has 5.2% of its assets invested in real estate, below its target of 8%. Within its real estate target, 57% targets core assets and 43% non-core, according to IMRF’s investment policy.
The RFP is available on the pension fund’s website. Proposals are due at 5 p.m. CDT June 10; a selection is expected Aug. 25, according to the RFP.
Callan Associates, IMRF’s investment consultant, is assisting.
Separately, the board on May 20 terminated equity managers Vision Capital Management, which ran $167 million in active U.S. large-cap growth, and Lombardia Capital Partners, which managed $148 million in active domestic small-cap value and $29 million in active international large-cap growth; both strategies were terminated.
Vision was terminated for performance and organizational reasons, according to a report to the board by Dhvani Shah, chief investment officer. Ms. Shah told the board IMRF was Vision’s only remaining institutional client. Officials at Vision Capital could not be immediately reached for comment.
Lombardia was dropped for organizational reasons, the report said.
Garcia Hamilton & Associates, which runs $256 million in core fixed income, received $275 million of the assets, with the remaining $69 million added to a $51 million active domestic microcap growth equity strategy run by Ativo Capital Management.