By Muskan Arora
For its $2.4bn real estate portfolio, Iowa
Public Employees’ Retirement System is looking out for real estate managers
focused on core and core-plus real estate equity strategy.
The system has an allocation target of 9%
to its private real assets portfolio and is focused on making investments in
commercial real estate located in the United States, and partnerships that
invest in timberland and farmland in North America.
A recently published RFP states that the $43.61bn pension plan actively seeks a firm with 10 years of experience with a minimum $1bn assets under management, and “makes investments across property types (including niche property types) and geographic locations within the United States.”
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The deadline to submit proposals is April 18, 2025.
Proposals will be evaluated using the
following criteria:
Firm/Organization- 10%
Product- 20%
Investment Process- 20%
Performance - 25%
Terms - 25%
“Proposals offering alternate or substitute
structures will be treated as not meeting the RFP’s minimum requirements and
will not be considered,” as stated in the RFP.
Further, the rejection of the proposal can also
be due to noncompliance with the requirements.
The questionnaire for the proposal would include
details about the product, organization, and scout minimum requirements
including inception of the proposed product and whether the firm is registered investment
advisor.
The pension plan would dive into the investment
process including competitive advantage and key risks along with performance
including track records and net returns over 1-year, 3- years, 5-years,
10-years and since inception.
The total fund returned 9.07% above its benchmark of 8.80% for its 1-year return, as of June 30, 2024.
