The Firemen’s Annuity & Benefit Fund of Chicago has issued a request for proposal for non-core US real estate managers, with a total mandate of approximately $55m. (€47m).
The allocation will support The Firemen’s Annuity & Benefit Fund of Chicago’s 2.5% target for non-core real estate.
The pension fund plans to consider commitments to multiple managers, with a final selection expected in August. The search is open to both open-ended and closed-ended investment structures; however, fund-of-fund products will not be considered.
Under the requirements, any fund considered must have a minimum capital raise target of $250m and must target multiple property sectors.
Potential managers are required to have at least $1bn in real estate private assets under management. The proposed benchmark for the mandate is the NCREIF ODCE Value-Weighted Index.
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