Cook County Annuity & Benefit Fund, Chicago, is searching for emerging private real estate managers to which it plans to commit a total of about $50 million.
The $12.3 billion pension fund has issued an RFP because it is below its real estate target and wants to increase its exposure to emerging managers, said Fernando Vinzons, director of investments, in an email.
Mr. Vinzons said the commitments will likely be funded by reductions in passive equity portfolios.
As of Dec. 31, the actual allocation to real estate was 7%; the target is 9%.
The RFP is available on the pension fund's website. Registration is required. Proposals are due at 3 p.m. CDT on June 25. A selection is scheduled for the pension fund's Sept. 2 board meeting.
Investment consultant Callan is assisting.