Illinois Teachers' Retirement System, Springfield, plans to search for real estate co-investment consultants as part of its fiscal-year 2018 real estate tactical plan approved by trustees of the $48.7 billion fund at a meeting Tuesday.
The contracts expire June 30, 2018, for the two current co-investment consultants, ORG Portfolio Management and Real Asset Portfolio Management, said Timothy Hayes, senior investment officer – real estate, during a meeting of the board's investment committee.
Further information about the search was not provided during the investment committee meeting. Spokesman David Urbanek said in an interview that TRS real estate investment staff will work out the details later.
The pension fund has committed in excess of $130 million to real estate co-investments since 2013. The real estate investment team has the go-ahead to invest up to $100 million in real estate-oriented co-investments in the fiscal year ending June 30, 2018.
The fund's real estate portfolio totaled $7 billion as of March 31, representing 14.7% of plan assets; the target allocation is 16%.