Key Takeaways
- • Cook County and Forest Preserve District pension funds issued RFP 26-0002 on June 5, 2026, seeking core/core plus commingled real estate investment managers, with proposals due by 4:30 P.M. CDT on June 26, 2026.
- • The Forest Preserve Fund has an additional mandate capacity of up to $5.3 million available within the same real estate strategy, subject to manager selection and fund performance.
- • Callan LLC serves as the investment consultant for both funds conducting the search and is the sole authorized source for proposal forms; prospective managers must register as Responders on cookcountypension.com and complete Callan's Manager Questionnaire.
- • The search targets qualified investment manager firms currently offering core/core plus commingled real estate investment services to institutional pension fund clients.
Summary
The Retirement Board of the County Employees' & Officers' Annuity & Benefit Fund of Cook County and the Forest Preserve District Employees' Annuity & Benefit Fund of Cook County launched a formal Request for Proposals (RFP 26-0002) on June 5, 2026, to identify and engage core/core plus commingled real estate investment managers. The search represents a strategic effort by both pension funds to enhance their real estate allocation through competitive bidding and manager evaluation.
The RFP process, managed in conjunction with investment consultant Callan LLC, follows standardized procurement procedures under Illinois Pension Code provisions. Interested investment managers were required to register as Responders through the Fund's official website at cookcountypension.com to obtain complete proposal documentation and necessary addenda. The submission deadline was set for 4:30 P.M. Central Daylight Time on June 26, 2026—a 21-day window from issuance. All prospective managers were also required to complete or update Callan LLC's Manager Questionnaire, available at www.callan.com, as part of the formal evaluation process.
A notable feature of this search is the Forest Preserve Fund's stated capacity for an additional mandate of up to $5.3 million within the same core/core plus real estate strategy. This allocation would be contingent on the successful completion of the manager selection process and subject to fund performance considerations. The dual-fund structure—with Cook County and Forest Preserve funds conducting a coordinated search—reflects a consolidation of procurement efforts common among affiliated public pension systems operating under shared governance and investment oversight.
Callan LLC remains the sole authorized source for proposal forms, with the Fund explicitly prohibiting reproduction or distribution of RFP documents from unauthorized sources. This control mechanism ensures that all responding managers receive identical, complete documentation and are evaluated on a standardized basis. The RFP structure and timeline indicate an institutional-grade procurement process designed to meet fiduciary standards and governance requirements applicable to public pension funds in Illinois.
The RFP process, managed in conjunction with investment consultant Callan LLC, follows standardized procurement procedures under Illinois Pension Code provisions. Interested investment managers were required to register as Responders through the Fund's official website at cookcountypension.com to obtain complete proposal documentation and necessary addenda. The submission deadline was set for 4:30 P.M. Central Daylight Time on June 26, 2026—a 21-day window from issuance. All prospective managers were also required to complete or update Callan LLC's Manager Questionnaire, available at www.callan.com, as part of the formal evaluation process.
A notable feature of this search is the Forest Preserve Fund's stated capacity for an additional mandate of up to $5.3 million within the same core/core plus real estate strategy. This allocation would be contingent on the successful completion of the manager selection process and subject to fund performance considerations. The dual-fund structure—with Cook County and Forest Preserve funds conducting a coordinated search—reflects a consolidation of procurement efforts common among affiliated public pension systems operating under shared governance and investment oversight.
Callan LLC remains the sole authorized source for proposal forms, with the Fund explicitly prohibiting reproduction or distribution of RFP documents from unauthorized sources. This control mechanism ensures that all responding managers receive identical, complete documentation and are evaluated on a standardized basis. The RFP structure and timeline indicate an institutional-grade procurement process designed to meet fiduciary standards and governance requirements applicable to public pension funds in Illinois.
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