Illinois Municipal searches for real estate manager of managers
The Illinois Municipal Retirement Fund is searching for a real estate manager of managers to handle a mandate of at least $75 million, according to an RFP on its website. The $35.9 billion pension fund will only be accepting proposals from firms that invest in managers where minorities, women or persons with a disability hold 51 percent of the ownership of the firm. According to the RFP, IMRF’s real estate portfolio had a net asset value of $1.6 billion and $785 million in unfunded commitments, both as of May 31. The pension fund has an 8 percent target allocation to real estate. Franklin Templeton Real Estate Advisors is the incumbent and can rebid. Proposals are due Aug. 12, with a selection expected by Nov. 19.