Illinois Municipal Retirement Fund, Oak Brook, is searching for real estate managers that offer closed-end global opportunistic funds, said Nisa Neely, spokeswoman for the $40.2 billion pension fund, in an email.
The pension fund issued an RFP seeking to commit at least $25 million to global opportunistic funds that invest in real estate equity and debt investments. IMRF will consider multiple managers but will not consider secondary funds or funds of funds.
As of Nov. 30, the actual allocation to real estate was 6.1%; the target is 9%.
The RFP is available on the pension fund's website. Proposals are due at 4:30 p.m. CST on Jan. 18. A selection is expected on March 22.