Chicago Public School Teachers' Pension & Retirement Fund is searching for a real estate manager certified as a minority-, women-, or disabled person-owned business enterprise to run $25 million, said Angela Miller-May, director of investments, in an email.
Real estate private equity and real estate private debt strategies will be considered.
The selected firm must have a three-year track record of managing real estate investments on behalf of institutional investors, and a minimum of $500 million in firm assets under management is recommended, although smaller firms may be considered.
The RFP is available on the $9.8 billion pension fund's website.
Proposals are due by 4:30 p.m. CDT on Aug 29. Finalist presentations are expected to take place Oct. 19. A hiring decision is expected by Dec. 31.
The pension fund has a 9% real estate target and actual allocation of roughly 7.4%.
Investment consultant Callan Associates is assisting.