Illinois Municipal Retirement Fund has issued a request for proposal (RFP) seeking closed-ended fund managers to invest at least $50m (€46.4m) in US residential real estate.
The pension fund has issued the RFP outlining its requirements, which include a minimum 75% allocation to residential real estate.
Interested managers must have at least $250m in assets under management for the proposed strategy, which should be value-add or opportunistic.
Illinois Municipal Retirement is considering investments across various residential real estate sectors, including manufactured housing, affordable housing, workforce housing, student housing, single-family rental and senior housing.
As of July 2024, Illinois Municipal Retirement’s $5.1bn real assets portfolio, which includes real estate, accounted for 9.3% of its $54.9bn total assets. The pension fund’s real assets allocation is 10.5%.
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