IMRF issues RFP for opportunistic real estate opportunities

The US public pension is seeking to commit at least $25m to a global opportunistic real estate vehicle.

Institution: Illinois Municipal Retirement Fund
Headquarters: Oak Brook, United States
AUM: $40.20bn
Allocation to alternatives: 10.50%

Illinois Municipal Retirement Fund (IMRF) has issued a request for proposal (RFP) to prospective fund managers offering global opportunistic real estate opportunities, as articled on the pension’s website in January 2019. IMRF is seeking to commit a minimum of $25m in equity and debt-related opportunistic real estate investments.

The $40.20 billion public pension has a 9.00 percent target allocation to private real estate that currently stands at 6.10 percent.

As illustrated in the charts below, IMRF has prior history of committing to opportunistic funds. Commitments include $75 million to North American-focused Artemis Real Estate Partners Fund III, as well as $100 million to Blackstone Real Estate Partners Asia II.

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