Illinois Municipal Retirement Fund, Oak Brook, is looking to commit at least $50 million to closed-end value-added and opportunistic residential real estate funds.
The $54 billion pension fund is seeking proposals from managers of single or multiple strategy equity funds focused solely on residential real estate, according to an RFP on its website.
The real estate funds can focus on residential types “including but not limited to affordable housing, workforce housing, student housing, manufactured housing, single family build to rent and senior housing,” according to the RFP. The pension fund plans to commit a total of at least $50 million and will consider multiple managers.
A spokesman for the pension fund could not be immediately reached for further information on the reason for the search.
As of June 30, the pension fund’s actual allocation to private real assets was 9.4%; the target is 10.5%.
The RFP is available on IMRF’s website. Proposals are due by 11:59 p.m. CST on Nov. 22. Selections are expected by Feb. 21.