Iowa Public Employees sets searches for real estate debt
The $28.5 billion Iowa Public Employees’ Retirement System has issued an RFP for real estate debt.
The pension fund has plans to invest $750 million in real estate debt. The RFP is for one or two firms to act as strategic partners “to actively originate, acquire, finance, manage and dispose of private commercial real estate debt investments, which primarily include mezzanine debt, B-notes within commercial mortgage–backed securities, and first mortgages, but may include some structured credit and preferred equity investments.” The total portfolio to be managed would be about $250 million.
The real estate debt RFP is available on the pension fund’s website. Proposals are due at 3 p.m. CDT on June 2.