Illinois Teachers' Retirement System, Springfield, is seeking consultants for its real estate/real assets and private equity portfolios.
StepStone Real Estate, the current consultant for TRS's real estate and real assets portfolios, which total $7.8 billion, is permitted to rebid, as is TorreyCove Capital Partners, which advises on the fund's $6.6 billion private equity allocation.
Both consultants’ contracts will expire soon.
The $51.1 billion defined benefit plan is required by Illinois state law to rebid contracts every five years.
TRS spokesman David Urbanek said in an email that the start date and length of the consultant contracts have not been set, but noted that the contract period cannot exceed five years.
During a June 14 board of trustees meeting, Stanley Rupnik, the fund's CIO, said it's possible that the fund might select a single consulting firm with expertise in both real estate and private equity investments.
The board will interview finalists and select one or two consultants at its Dec. 10, meeting, a timeline in the RFP documents showed.
Responses to the real estate/real assets RFP are due by 2 p.m. CDT on Aug. 14 and by 2 p.m. CDT on Aug. 16 for the private equity RFP.
RFPs for the two searches are available on the fund's website.