Request For Proposals

June 21, 2017

U.S. Open-Ended Core Real Estate

The Illinois Municipal Retirement Fund (IMRF) is requesting proposals from investment management firms offering U.S. open-ended core private real estate commingled funds. IMRF has at least $100 million to allocate and multiple managers will be considered for the mandate. Debt, public REIT, Fund of Funds and separate account strategies will not be considered. Depending on the structure of the investment vehicle, respondents may need to be registered as an investment advisor or a bank as defined under the Investment Advisers Act of 1940.

Proposals must be received no later than end of business day, Wednesday, July 12, 2017. IMRF reserves the right to accept or reject any or all proposals submitted. All proposals shall become the property of IMRF.

The Quiet Period for this RFP begins on Wednesday, June 21, 2017. The Quiet Period for this process is the period of time beginning when the RFP is issued and ends when the investment manager is selected by the IMRF Board of Trustees or the process is declared to be complete. The requirements of the Quiet Period are in Section 1.3 of the RFP. Respondents shall not contact IMRF Board members during the Quiet Period. A respondent will be disqualified for violating the Quiet Period.

Please click here to access the RFP.

Read frequently asked questions here.

All questions must be directed to