NORTH AMERICA – The Teachers' Retirement System of the State of Illinois is looking to expand its industrial portfolio by $200m (€153).
It has issued a request for information for potential separate account manager candidates for the mandate.
In a statement, the pension fund said its existing investments in industrial properties were below its target exposure.
Current industrial holdings represent 8.1% of the total real estate portfolio, while the target is 14.3%.
Interest parties must have at least $1bn of assets under management in real estate separate account relationships.
Each manager should have been in business for five years, or, if recently established, employ principals who have 10 years of investment experience and possess a documentable track record.
Illinois Teachers will run the separate account manager search through its real estate investment consultant, Callan Associates.
The consultant will identify appropriate candidates based on the product information submitted to its database.
The deadline for submission is 15 January 2013.
The pension fund and Callan will interview 4-6 semi-final candidates and select one or more finalists.
Those selected will make a presentation to the investment committee of the board of trustees.
In an email, Illinois Teachers said the mandate would target core strategies, with the manager having investment discretion if remaining within the agreed upon guidelines.
Illinois Teachers had a real estate portfolio valued at $4.5bn as at 30 June.
This represents 12.5% of the schemes $36.3bn in total plan assets.
