Iowa Public Employees Retirement System (PERS) has issued a request for proposal (RFP) for core or core-plus real estate investment managers.
According to Iowa PERS, the amount to be allocated for the search has not yet been determined.
Managers responding to the RFP must submit responses to the search by 18 April. The pension fund will make a final decision later in 2025.
Iowa PERS is seeking a core or core-plus equity US real estate separate account or fund strategies worth at least $1bn.
Interested firms must have at least 10 years of experience managing the proposed strategy, with at least a 10-year performance track record.
The new manager search is part of the pension fund’s planned real estate investments for 2025. Last December, Iowa PERS set a real estate pacing target of $400m (€368.9m) for 2025.
Currently, Iowa PERS has a $2.4bn private US real estate portfolio consisting of two generalist core mandates, an apartment core mandate and a value-add fund investment.
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