Midwest retirement fund seeks a value-add real estate manager
The $34.1 billion Illinois Municipal Retirement Fund is looking to allocate $50 million to a U.S. value-add commingled fund manager. IMRF will only consider funds currently fundraising, and will not consider funds of funds. The retirement fund may also invest the capital in multiple funds.
Proposals must be sent to IMRF by Jan. 28, 2015. The RFP is available in the Business Opportunities section of IMRF’s website, and all questions are to be directed to firstname.lastname@example.org.
The retirement fund, which has 4.23 percent of its assets invested in real estate as of Sept. 30, 2014, short of its 8 percent target allocation, made a number of noncore real estate investments in 2014, according to IREI&rs