Illinois Municipal Retirement Fund is looking to invest $100m (€89.6m) through a core, open-ended European fund.
More than one manager could end up being selected following the search, which is being conducted by Callan Associates. Responses are due by 10 June.
Illinois Municipal has not established a fixed date for making a final choice for the search, with managers likely to make a final presentation at the pension fund’s board meeting in August.
The investor is looking at managers that invest only equity. No debt managers will be considered.
Managers with pan-European or UK-focused strategies are preferred.
Illinois Municipal, at its board meeting this month, had planned to consider a commitment of at least $75m for the Cornerstone European Core Fund. It was then taken off the agenda before the meeting took place, raising the possibility that a new search will be carried out.
When it makes its final decision, it will be one of the first US public pension funds to allocate capital for core real estate in Europe through a fund product.
Most capital invested by US-based investors has been allocated to value-add or opportunistic strategies, with most public pension funds seeing European real estate being a couple of years behind the US in its recovery period.