Illinois Municipal Retirement Fund: U.S. Residential Real Estate Search
The Illinois Municipal Retirement Fund (IMRF) is requesting proposals from closed-end value-add and opportunistic U.S. residential real estate funds. Single or multiple strategy equity funds focused exclusively on residential real estate, including but not limited to, affordable housing, workforce housing, student housing, manufactured housing, single family build to rent, and senior housing will be considered.
For clarification, IMRF is seeking strategies that are expected to have at least 75% of capital invested in residential properties with a proven track record in the proposed strategy and at least $250 million in assets under management. IMRF intends to commit at least $50 million to residential real estate strategies. Multiple managers will be considered.
How to Participate in This Search: The RFP is available in the Business Opportunities section of the Investments tab on the IMRF website. All questions must be directed to [email protected].
Deadline: Proposals must be received no later than end of business day on Friday, November 22, 2024 (11:59 p.m. CT). All proposals shall become the property of IMRF.
Quite Period: The Quiet Period for this RFP begins October 28, 2024. 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 1.4 of the RFP. Respondents shall not contact IMRF Board members during the Quiet Period. A respondent will be disqualified for violating the Quiet Period.
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