Iowa Public Employees’ seeks noncore real assets manager, winds up for $400m of allocations

The Iowa Public Employees' Retirement System (IPERS) has issued an RFP seeking noncore real asset equity products, and a manager to provide investment services for these products.

IPERS expects to allocate up to $400 million to noncore real asset strategies, depending on the quality of proposals received. For open-ended commingled fund offerings, the product must have at least $1 billion in net asset value as of Dec. 31. For closed-end commingled fund offerings and/or separately managed account proposals, the firm must have at least seven years of experience managing the product’s fund series and/or the proposed strategy as of Dec. 31. Additionally, the firm must have at least $500 million in assets under management in the proposed strategy.

IPERS said it may issue separate RFPs in the future to evaluate those types of strategies.

IPERS’ private markets investment policy defines private real assets as physical assets that have intrinsic value due to their su