Chicago Public School Teachers' Pension & Retirement Fund plans to issue separate RFPs for real estate managers to run up to a total of $150 million, said Angela Miller-May, director of investments, in an e-mail.
The $9.3 billion pension fund plans to issue an RFP for real estate debt and another for a real estate manager qualified as a minority-, women-, or disabled-person-owned business enterprise.
For each search, Mr. Miller-May said the pension fund plans “to allocate a minimum of $25 million and a maximum of $75 million, but it really depends on the manager and the terms.”
The pension fund is still developing the RFPs and plans to issue them in the last half of the year. The RFPs will be posted on the pension fund's website.
The pension fund “has a very mature real estate portfolio and currently has approximately seven funds winding down and in liquidation status,” Ms. Miller-May said. “In order to maintain our allocation target and returns, we have to continuously invest according to our real estate pacing study.”
Callan Associates, the pension fund's real estate consultant, is assisting.