Illinois Firefighters’ pension fund seeks investment consulting, CIO advisers for private markets portfolio

On Feb. 13, the Illinois Firefighters' Pension Investment Fund (FPIF) launched an RFP soliciting proposals from investment consulting firms and discretionary outsourced CIO managers to advise on the pension fund’s private markets portfolio.

FPIF is seeking a non-discretionary investment consultant and approximately three discretionary outsourced CIO advisers to assist FPIF as the fund constructs its long-term target allocation of 31 percent to private market asset classes.

The pension fund will consider specialist private market consultants and general investment consultants with well-established private market practices for the consulting mandate.

FPIF has a 10 percent target allocation to real estate and a 4 percent target allocation to infrastructure. Of the target allocations to real estate and infrastructure, 50 percent is intended for core, open-ended vehicles, while the remainder is intended for noncore commitments, according to the RFP. As of Jan. 31,