The $49.9bn (€40.3bn) Teachers’ Retirement System of the State of Illinois is looking for consultants to bolster its real estate co-investment capabilities.
The pension fund told IPE Real Assets that it already uses ORG Portfolio Management and Real Asset Portfolio Management for advice on an ad hoc basis, but is looking to employ more advisers in the area.
Illinois TRS is looking for help in conducting due diligence on co-investments and financial analysis of individual transactions.
Co-investments make up $84.6m of the pension fund’s $7bn portfolio, and they are expected to increase in the future.
“It’s hard to estimate the amount of capital to be placed in co-investing in the future,” TRS Illinois said. “This is because the genesis of a co-investment opportunity is different.
“It’s not an active strategy, per se. All co-investment opportunities are evaluated separately as they are presented to TRS.”
Responses to a request for proposal are due by 21 February. The decision on appointments will be made on 25 May.