Taiwan’s Public Service Pension Fund is searching for four investment managers to run its first allocations to listed real estate and infrastructure.

The $18.7bn (€14bn) pension fund has issued a request for proposal (RFP) for four $150m mandates, split evenly between real estate and infrastructure.

Prospective managers will need to have at least $5bn in assets under management in the relevant asset class and a track record of at least three years.

The mandates are expected to last for five years.

The Public Service Pension Fund will adopt the FTSE EPRA/NAREIT Global Index as its real estate benchmark. For infrastructure, it will use the UBS Global 50/50 Infrastructure & Utilities index.

The new mandates will fall under its alternative investments allocation, which currently stands at 3% of total assets.

The deadline for managers to respond for the search is September 1.

The move comes several months after Taiwan’s Labor Pension Fund selected investment managers to run its first global real estate portfolio.