Illinois Municipal Retirement Fund (IMRF) is searching for a closed-end unlisted infrastructure equity manager to run a mandate of not less than $25m.

The $41.3bn pension fund is requesting proposals from investment management firms offering diversified North American and/or global multi-sector.

The pension fund is seeking an investment manager with a strategy expected to outperform its appropriate benchmark, net of fees over a full market cycle.

IMRF said multiple managers will be considered for the mandate. Fund-of-funds products will not be considered for this mandate, it added.

IMRF said it expects responses to be submitted before the day ends on 1 October. Finalists are expected to present to the IMRF Investment Committee on 13 December.