The Retirement Board (“the Board”) of the Policemen’s Annuity and Benefit Fund of Chicago (“the Fund” or “PABF”) is requesting proposals from qualified firms interested in providing Real Estate Debt services (“Proposer” or “Real Estate Debt”) that will be benchmarked against MSCI Real Estate Debt Closed-End Funds. This search is limited to traditional long only investment managers, hedge fund managers will not be considered for this mandate. Both active and passive managers will be considered for this mandate.
The anticipated allocation will be between $25 million and $45 million. All responding firms must meet the highest standards of professional competence and ethics. The selected firm(s) will serve as a fiduciary in its capacity to the Fund. The Board’s investment consultant NEPC, LLC shall oversee the RFP process. All forms/required documents needed for submitting a Request for Proposal (“RFP”) are available on the PABF’s investment consultant’s (NEPC) website at www.nepc.com.
If you are interested in being considered for this RFP, you must submit an electronic copy of the complete proposal by 3:00 CST on Monday, August 24th, 2026. Responses submitted after this time and date will not be considered. No phone calls please.
ENTER FUND NAME Closed-End Direct Real Estate Fund RFI
Attachments
Attachment 1 – Closed-End Direct Real Estate Fund Cash Flows
Attachment 2 – Closed-End Direct Real Estate Fund Deal Track Record
Attachment 3 – Closed-End Direct Real Estate Fund Performance
Exhibits
Reference Exhibit – Proposed Side Letter
Exhibit A: Employee Diversity Chart
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