IMRF issues RFP for core, core-plus infrastructure equity fund managers

The Illinois Municipal Retirement Fund, a $60.9 billion public pension system, launched a request for proposals to expand its exposure to infrastructure equity investments. The RFP targets open-ended, diversified core and core-plus infrastructure equity funds with a minimum aggregate allocation of $200 million split across multiple managers. IMRF's focus on open-ended structures reflects a preference for vehicles offering greater liquidity and flexibility compared to closed-end alternatives, while explicitly prohibiting fund-of-funds arrangements and agent-intermediated submissions.

Eligible managers must be established firms with demonstrated personnel and operational infrastructure capable of managing the strategy according to IMRF's guidelines. Proposals are due by February 9, 2026, following which IMRF entered a formal quiet period on January 14. The pension fund anticipates concluding its manager-selection process by May 29, 2026, though the organization has reserved flexibility regarding the final timeline.

IMRF's portfolio composition reflects a diversified real assets strategy, with domestic equity dominating at $20.7 billion (34% of total assets, slightly above its 32.5% target) and fixed income representing the second-largest segment at $14.4 billion (23.6% of assets). International equity accounts for $11.7 billion, or 19.2% of the portfolio, modestly exceeding its 18% target. The fund's alternative and real assets exposure is primarily managed through direct primary fund commitments, separately managed accounts, and co-investments, overseen directly by IMRF staff. Approximately 88% of total assets are managed externally by third-party investment managers operating under full discretionary authority within agreed-upon guidelines, while the remaining 12% is managed internally through quantitative equity strategies.