Chicago Public School Teachers' Pension & Retirement Fund is searching for a real estate debt manager to run an allocation ranging from $25 million to $75 million, Angela Miller-May, director of investments, said in an e-mail.
The board of the $9.3 billion teachers' fund plans to hire one manager. The size of the allocation will depend on the manager and terms.
The RFP is part of a move by the pension fund to maintain its 7% target real estate allocation as some of its real estate funds wind down.
The RFP is available on the pension fund's website.
Proposals are due July 15. The board expects to make a decision Sept. 15.
Callan Associates, the fund's real estate consultant, is assisting in the search.