A European pension fund is using IPE Quest to find an adviser for a $180m (€166m) unlisted global real estate portfolio.
The investor said the allocation would increase over time.
The portfolio will include an allocation to non-core investments of up to 20%.
The adviser will work with the pension fund on a detailed investment strategy for unlisted real estate and support the selection of vehicles fitting its strategy.
It might also be required to represent the pension fund on fund investment boards, as well as provide monitoring services.
The fund is aiming for a mixed sector allocation, with 40% of the portfolio invested in North America, 40% in Europe and 20% in the Asia-Pacific region.
The client, which aims to avoid blind pools, said it preferred an open-ended structure to a closed-end one.
Leverage will be approximately 20%, with a maximum 33% level for core investments and more for non-core.
It is the first time the IPE Quest service has been used to search for a real estate investment adviser.
The deadline for applications is 18 December.