SURS issues RFP for 2020 real estate managers

The US public pension is searching for firms which align with its 2020 investment plans.

Institution: State Universities Retirement System of Illinois
Headquarters: Champaign, United States
AUM: $20.10bn
Allocation to alternatives: 14.3%
Bitesize: $50-100m

State Universities Retirement System of Illinois has issued an RFP for prospective real estate managers in accordance with the pension’s 2020 investment plan.

SURS is intending to commit $425 million across four real assets strategies in 2020. Each of the strategies will receive a commitment of between $50 and $100 million, with two of the strategies being real estate-focused.

The $20.10 billion US public pension is searching for managers offering closed-end real estate equity fund opportunities as well as open or closed-end real estate debt funds. Each fund must have a target of at least $500 million.

The prospective real estate equity fund may be either sector-agnostic or sector-specific, as long as the sector in question is not office property. The real estate debt fund must be primarily focused on property investments in the US.

SURS has an 8.0 percent target allocation to real estate that currently stands at 6.40 percent.

As illustrated below, SURS has made four commitments to real estate vehicles with a 2018 or 2019 vintage, which combined constitute $250 million.

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