Iowa Public Employees Retirement System (Iowa PERS) is looking for an investment manager for a $250m (€232m) real estate debt strategy.
The $28.54bn pension fund is planning to issue a request for proposal (RFP) in the coming months, according to a board meeting document.
The investment will form part of its private credit allocation. The pension fund is also issuing an RFP for a private corporate-lending strategy of a similar size.
The real estate debt strategy will have the flexibility to include core and opportunistic investments.
It will be structured as a separate account, a structure that Iowa PERS uses for its real estate investments in the US.
Investment consultant Wilshire Associates is advising Iowa PERS on the search.