The Illinois City Retirement Fund, a $54.9 billion public pension fund, is seeking a manager to run its residential real estate strategy, according to a request for proposals issued Monday.
The Fund may consider multiple managers and expects to invest at least $50 million per strategy. Funds only consider closed-end funds.
Management requirements include investing at least 75% of capital in real estate and having a proven track record with that strategy. According to the RFP, prospective companies should have at least $250 million in assets under management.
“Single or multiple strategic stocks focused solely on residential real estate, including but not limited to affordable housing, workforce housing, student housing, manufactured housing, single-family rental housing, and senior housing.” funds will be considered,” the RFP states.
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Proposals from future managers are expected to be submitted by November 22nd. The fund plans to select a manager by February 21, 2025, with finalists to be submitted to the IMRF Investment Committee the day before.
Funds consider four key factors when selecting managers:
Human resources, including corporate stability and ownership. The professional’s reputation, experience, and length of service. and its record of integrity and business ethics. The process of seeking a clearly defined, rational, and repeatable investment strategy. Performance based on documented investment performance compared to benchmarks and competitors. Pricing based on company fees and costs.
IMRF allocates 36.5% of its portfolio to domestic equities, 22.3% to bonds, 19.7% to international equities, 11.3% to alternative investments, 9.4% to private real assets, and 0.8% to cash and cash equivalents.
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Tags: Illinois City Retirement Fund, IMRF, Manager Selection, Real Estate, Real Estate
