The $61 billion Illinois Municipal Retirement Fund (IMRF) has launched a request for proposals (RFP) in search of an infrastructure manager.
The pension fund is requesting proposals from open-ended diversified core and core-plus infrastructure equity funds to which IMRF said it intends to allocate at least $200 million. Multiple managers will be considered, but closed-end funds, fund-of-funds or funds submitted by a placement agent will not.
IMRF currently does not have a dedicated infrastructure allocation, as the pension fund invests in infrastructure via its real assets portfolio, which has a 10.5 percent allocation target. IMRF’s current infrastructure commitments make up about 5 percent of the real assets portfolio, or about 50 basis points of its total portfolio. However, IMRF hopes the RFP will bring its infrastructure exposure up to about 10 percent of the real assets portfolio and is engaged in ongoing discussions about l
