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.