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owa Public Employees Retirement System (PERS) has issued a request for proposal (RFP) seeking core or core-plus real estate investment managers. The allocated amount for the search remains undetermined, but interested firms must submit responses by 18 April.

    The pension fund is looking for a manager with at least $1bn in core or core-plus equity US real estate separate account or fund strategies. To qualify, firms must have over 10 years of experience managing the proposed strategy and a minimum 10-year performance track record.

    This search is part of Iowa PERS' planned real estate investments for 2025, with a target pacing of $400m set in December. The pension fund's current private US real estate portfolio totals $2.4bn, comprising two generalist core mandates, an apartment core mandate, and a value-add fund investment.