The Chicago Firemen Annuity & Benefit Fund (Chicago FABF) has issued a formal request for proposals (RFP) targeting non-core real estate investment managers. The fund, managing approximately $55 million, seeks managers offering either closed-end commingled funds open for subscription or open-end commingled funds available for investment. Managers must manage at least $250 million and focus on value-add or opportunistic strategies, explicitly excluding core-plus, real estate debt, or fund-of-fund products. Chicago FABF requires a minimum $1 billion in non-core real estate assets under management and mandates a diversified US sector approach. The fund will exempt minority, female, and disabled-owned enterprises from standard requirements.

Callan will administer the RFP process, with a deadline of May 4, 2026, at 3:00 PM CDT. This move signals a strategic shift within the fund's portfolio allocation.