Request for Proposals

February 17, 2023

Multi-Factor Based U.S. Small Capitalization Equity Index Provider Search for Implementing an Internally Managed Equity Portfolio

The Illinois Municipal Retirement Fund (IMRF) is requesting proposals from firms that will deliver a multi-factor based U.S. Small Capitalization Equity Index described in this Request for Proposal (RFP). The selected Index will ultimately serve as a reference benchmark for an actively managed portfolio implemented by IMRF Investment Staff. Index construction focusing on exposure to factors such as Value, Momentum, Quality, and Low Volatility is preferred. Only indices comprised of individual equity securities will be considered; those reliant on ETFs or similar vehicles for implementation will be deemed out of scope.

Proposals must be received no later than end of business day on Friday, March 17, 2023.

All proposals shall become the property of IMRF and will not be returned. Proposals or documents must be clearly marked as confidential, if your firm considers any material or information contained in its proposal or other documentation confidential.

The Quiet Period for this RFP begins February 17, 2023. 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 also discussed in the RFP (Page 2). Respondents shall not contact IMRF Board members during the Quiet Period. A respondent will be disqualified for violating the Quiet Period.

The RFP is available in the Business Opportunities section of the Investments tab on the IMRF website at The RFP is also available on the Wilshire Associates website at

Click here to view the RFP Inquiry Responses

Click here to view and complete the RFP

Click here to view and complete the Diversity Profile

All questions must be directed to