Illinois FPIF issues $675m RFP in core real estate and infrastructure push

Illinois Firefighters Pension Investment Fund (FPIF) has issued requests for proposals (RFPs) for up to $675m (€622.1m) of investments into core real estate and infrastructure funds.

The $8.8bn pension fund, created in 2019 after a consolidation of municipal police and fire pension plans outside the city of Chicago into the Illinois Police Officers’ Pension Investment Fund, currently has no exposure to infrastructure.

Illinois FPIF’s current $211.5m private real estate portfolio holds a single investment, the US Property Account managed by Principal Real Estate Investors.

The pension fund said it expects to commit between $125m and $525m to real estate funds and $100m to $150m to infrastructure funds. 

Managers responding to the RFP for both real estate and infrastructure funds must have open-ended funds of more than $5bn in total value as of 31 March 2024. 

Real estate funds must be diversified across property types and primarily invest in North American properties. Infrastructure funds should offer sector diversification across transportation, energy, and communication and geographic diversification across North America and Europe.

Both the real estate and infrastructure searches are being led by the pension fund’s investment consultant Meketa Investment.

The responses for both searches are due 14 June with a projected final decision to be made 2 August. 

The pension fund is expected to issue future commitments to non-core real estate. The Townsend Group has been appointed as a discretionary manager to oversee this part of the portfolio.

To read the latest IPE Real Assets magazine click here.