The Cook County Annuity and Benefit Fund, a Chicago-based pension fund, has issued a request for proposals seeking a private real estate manager. The fund's mandate is expected to total $165.3 million, representing a significant allocation to real estate assets by public pension funds.

Issuing an RFP for real estate management services signals the fund's strategy to diversify its portfolio beyond traditional public market investments. Pension funds continue to allocate to private real estate despite market volatility, seeking stable returns from physical assets.

This $165.3 million mandate will be attractive to established real estate managers with proven track records in the Chicago market. The fund's decision to seek external management reflects broader trends of pension funds outsourcing specialized investment expertise rather than handling these assets internally.