Chicago Public School Teachers' Pension & Retirement Fund could issue up to two non-core real estate RFPs for managers to run $125 million total, said Angela Miller-May, chief investment officer, in an email.
"Depending on who is fundraising at the time of the RFPs and the respondents, we may be able to hire multiple managers with one RFP. If not, we have the approval to run a subsequent RFP," Ms. Miller-May wrote.
Separately, the $9.8 billion pension fund hired BMO Global Asset Management and Conestoga Capital Advisors to manage $40 million each in domestic small-cap growth equity.
Funding is expected to come from a $428 million Northern Trust Asset Management S&P 500 index strategy, which is being eliminated. The remaining assets are being used to help pay monthly pension benefits, Ms. Miller-May previously told Pensions & Investments.
An RFP for domestic small-cap growth equity managers was issued in December.
Investment consultant Callan assisted.