Chicago Public School Teachers' Pension & Retirement Fund will search for real estate managers, planning to commit up to $50 million, during fiscal year 2020, said Angela Miller-May, chief investment officer, in an email.
The $10.8 billion pension fund's board at its meeting Thursday approved the real estate pacing plan for the fiscal year beginning July 1, Ms. Miller-May said. She said the board approval gives staff the flexibility to issue RFPs anytime in the fiscal year, and timing "really depends on when attractive managers, including (minority-, women- or disabled person-owned business enterprise) managers, are in the market raising funds."
As of Dec. 31, the pension fund's allocation to real estate was 7%; the target is 9%.
Investment consultant Callan assists with all searches. The pension fund's RFPs can be found on its website.
