Illinois Police Officers’ Pension Investment Fund has issued a request for proposal for a $450m (€383.9m) investment mandate to hire value-add real estate managers.
The planned commitment will complete the pension fund’s 3% allocation to value-add real estate within its $15bn total investment portfolio.
The search, conducted with assistance from private markets consultant Albourne America, expects that the majority of managers under consideration will focus on direct investments, with some flexibility for secondary investments. One or two managers are expected to be hired for the mandate.
The pension fund’s investment staff anticipates interest from a significant number of core-plus managers due to the overlapping nature of core-plus and value-add strategies, and welcomes such participation.
The deadline for submissions is 18 June, with the final board recommendation and selection of managers or funds expected in mid-October this year.
Illinois Police Officers currently holds exposure to core real estate through a $225m investment in the Principal US Property Account.
The pension fund plans to evaluate this core open-ended fund investment in late 2026 or early 2027, following the completion of the value-add search, to better assess overall portfolio structure and fit.
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