Illinois Municipal Retirement Fund (IMRF) has issued a request for proposal for global real estate fund managers.

The pension fund is looking to invest at least $25m (€21.9m) in a closed-ended global fund that invests in at least two continents.

Fund managers looking to apply need to have a fund that is currently being marketed.

The fund must be able to make equity and debt investments and be active in more than one property type.

IMRF is not interested in funds of funds or funds that invest in vehicles on the secondary market.

All interested parties need to respond by 18 January. The pension fund expects finalists to make presentations to the board on 21 March, before making a final decision the following day.

At the end of November, IMRF’s real estate portfolio represented 8.9% of its total assets, just below its 9% target allocation.