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Investors - JUNE 22, 2016

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Chicago Teachers’ Pension Fund seeks real estate debt manager

by Andrea Waitrovich

The $9.3 billion Public School Teachers’ Pension & Retirement Fund of Chicago is searching for a real estate debt manager.

The mandate is for diversified core and noncore commercial real estate debt strategies (domestic, international or global) offered in an open-end or closed-end commingled fund structure.

According to the RFP, open-end vehicles are preferred for core/core-plus debt strategies, with a minimum size of $1 billion in existing net asset value; however, smaller funds may be considered. Closed-end funds are preferred for noncore debt strategies with a minimum fund size of $500 million.

The RFP is available on CTPF’s website and on the website of the pension fund’s real estate consultant, Callan Associates. Proposals are due July 15. Finalist presentations will be held Sept. 15, and a final hire will be announced Nov.

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