Champaign, IL – The State Universities Retirement (SURS) Board of Trustees on Thursday approved issuing a request for proposals (RFP) to initiate a real estate consultant search.

The consultant will work with and provide education for the board and staff, assist with the selection of real estate investments consistent with the SURS Investment Procurement Policy, provide pacing analysis, evaluate goals related to the utilization of MWDB investment managers, monitor real estate managers and investments, and provide quarterly reports.

SURS has approximately $1.8 billion invested in real estate as of December 31, 2017. The allocation is made up of both public and private real estate investments.

The RFP is available at here. The deadline to respond is May 25. The selection process is expected to be complete in September.

Trustees also voted to terminate the Midcap-Value U.S. equity account of Channing Capital Management of Chicago. The assets totaling approximately $100 million will be transferred to the Rhumbline passive U.S. equity strategy. Channing has a 13-year working relationship with SURS and will continue to manage approximately $96 million in SURS assets in a SMID value U.S. equity strategy, which was selected at the conclusion of an RFP process for best in class strategies in October 2017. Rhumbline currently administers $873 million in SURS U.S. equity assets.