The Municipal Employees’ Annuity and Benefit Fund of Chicago (the “Fund” or “MEABF”) hereby issues a request for proposals (“RFP”) from qualified firms (acting in the capacity of a fiduciary to the Fund) that provide Real Estate investment management services. Although subject to modification, MEABF may make commitments to multiple mandates totaling approximately $25 million. A firm submitting a complete proposal that complies with the requirements of the RFP shall be referred to as “Respondent” or “Firm” throughout this RFP. Marquette Associates (the “Investment Consultant” or “Consultant”) will assist MEABF with this search.
All forms needed for submitting a response to this RFP are available on the Procurement section of the Fund’s website at: http://www.meabf.org. Respondents to this RFP are responsible for monitoring the Fund’s website for information pertaining to the RFP while the RFP is outstanding.
RFP TIMELINE
- Date of Issue: June 23, 2025
- Deadline to Submit Written Questions: June 30, 2025, 5:00PM CDT
- Q&A Document Posted: July 08, 2025
- Final Responses Due: July 22, 2025, 5:00PM CDT
- Potential Interviews: October 02, 2025
- Finalist Notified By: TBD
The RFP timeline is subject to change. Any changes to the timeline will be posted on the Fund’s website. Any Respondent failing to submit propos
PROPOSAL SUBMISSION
The Fund’s staff and Investment Consultant, Marquette Associates, shall oversee the RFP process. If a Firm is interested in submitting a proposal, it must submit an electronic copy of the complete proposal by 5:00 PM, CDT, July 22, 2025 to the following contact(s):
SEARCH CONTACT:
Nadia Oumata, CPA
Municipal Employees’ Annuity and Benefit Fund of Chicago
321 N. Clark St, Suite 700
Chicago, IL 60654
searches@meabf.org
James Wesner, CFA
Marquette Associates
180 N. LaSalle St., Suite 3500
Chicago, IL 60601
openrfp@marquetteassociates.com
Procedural and substantive questions concerning the RFP must be submitted in writing via email to the Search Contact by 5:00 PM, CDT, June 30, 2025. Responses to questions properly submitted will be consolidated in a single Q&A document and posted on the Fund’s website on or about July 8, 2025. The Q&A document will not identify the source of the query.
Respondents will not receive individualized responses from the Search Contact, in response to questions submitted. Respondents must review the Q&A document posted on the Fund’s website to receive answers to all questions submitted.
If the Fund’s staff has questions regarding how to interpret a Respondent’s proposal, the Fund’s staff is authorized to request additional information from that Respondent.
ANY PROPOSAL THAT IS EITHER DETERMINED TO BE INCOMPLETE OR RECEIVED AFTER THE DUE DATE AND TIME WILL NOT BE CONSIDERED.
PROPOSALS MUST CONTAIN THE FOLLOWING DOCUMENTS:
- Transmittal Letter. A transmittal letter must be submitted on the Respondent’s official business letterhead. The letter must identify all documents provided in response to the RFP and must be signed by an individual authorized to bind the Respondent contractually. An unsigned proposal shall be rejected. The letter must also contain the following:
A. Statement that the proposal is being made without fraud or collusion; that the Respondent has not offered/received any finder’s fees, inducements, or any other form of remuneration, monetary or non-monetary, to/from any individual or entity relating to the RFP, the Respondent’s proposal, or the Board’s selection.
B. An acknowledgement by the Respondent that the proposal is a firm and irrevocable offer good for one (1) year from the date of the proposal.
C. Statement that discloses any current business relationship or any current negotiations for prospective business with the Fund, the Fund’s Executive Director, Fund’s staff, the Fund’s Legal Counsel (Burke, Burns & Pinelli, LTD), the Fund’s Investment Consultant (Marquette Associates), or any member of the Board.
D. Statement that the Respondent is willing and able to perform the services described in the Scope of Services section of this RFP.
E. Statement that the Respondent has available the staff and other resources required to perform all services required by the RFP and to provide all required deliverables within the specified time frame.
F. Statement that the Respondent meets the minimum qualifications as specified in Section VII of this RFP document.
G. Statement that the Respondent is able to enter into a Side-letter Agreement with the Fund that complies with the Illinois Compiled Statutes requirements, (40 ILCS 5/1-113.14 (c)).
H. The name, title or position, e-mail addresses, and telephone number of the individual signing the transmittal letter on behalf of the Respondent.
I. A summary of the proposed fee schedule request.
- Investment Manager Questionnaire. The Respondent must address the questionnaire items in the RFP in the order in which they appear in the RFP. Further, each question number and question in the RFP shall be repeated in its entirety before stating the response. Any supporting documentation requested in the Investment Manager Questionnaire must be provided and properly identified.
- Contractual Standard and Disclosure Certification. The certification must be submitted on the Respondent’s official business letterhead. The Respondent must respond to all questions in the order listed in the certification. The certification must be signed by an individual authorized to legally bind the Respondent.
- Employee Diversity Table. The Respondent must complete and submit the Employee Diversity Table that is posted along with this RFP. Please note that it is unacceptable for a Respondent to answer “Not Applicable” or “Respondent does not track such information” in response to the required disclosures provided in the Employee Diversity Table.
MINIMUM QUALIFICATIONS
Any Respondent submitting a response to this RFP must meet the following minimum qualifications: (Please note that requirements 1 through 4 and 9 are also part of the Contractual Standard and Disclosure Certification that must be completed in its entirety as part of the proposal submission documents).
- Respondent must be (i) registered as an investment adviser under the Federal Investment Advisers Act of 1940 (15 U.S.C. 80b-1, et seq.) or (ii) a bank, as defined in the Federal Investment Advisers Act of 1940 (15 U.S.C. 80b-1, et seq.). (40 ILCS 5/1-113.14 (b));
- Respondent must acknowledge in writing that the Firm will act as a fiduciary to the MEABF in accordance with the fiduciary standards set forth in the Illinois Pension Code. (40 ILCS 5/1-101.4) (note: the fiduciary acknowledgement is required regardless of the proposed investment structure);
- Respondent must not retain a person or entity to attempt to influence the outcome of an investment decision of or the procurement of investment advice or services of the Fund for compensation, contingent in whole or in part upon the decision or procurement. (40 ILCS 5/1-145);
- Respondent must be able to enter into a Side-letter Agreement with the Fund that complies with the Illinois Compiled Statutes requirements; (40 ILCS 5/1-113.14 (c));
- The Respondent’s key professionals and/or organization shall not have material conflicts of interest with the Fund; its Board of Trustees, the Fund’s staff, Custodian, Investment Consultants, or the Fund’s Legal Counsel;
- Respondent and its employees must have and maintain for the life of any contract all authorizations, permits, licenses, and certifications required by federal and state law to perform the services specified in this RFP;
- Respondent must have a track record of at least three years of experience managing assets within the asset class;
- Respondent must maintain at least $5 million of Errors & Omissions Insurance;
- Respondent must fully disclose the Diversity Profile & Financial Disclosures and other certifications outlined in the accompanying “Contractual Standard and Disclosure Certification”;
- Respondent must be willing to comply with all applicable State fiduciary, ethics, and diversity laws, including any additional disclosure requirements;
- Respondent has reviewed the Fund’s Investment Policy Statement, found via the Fund’s website, and agrees that, if retained, Respondent can provide investment advisory services in furtherance of that policy;
- If retained, Respondent will submit periodic written reports, as requested, for the Fund’s review and agrees that all returns on investment shall be reported as gross and net of all payments of all fees, commissions, and any other compensation, in addition to any other reporting requested;
- Respondent maintains sufficient procedures and capabilities necessary to ensure the timely and accurate backup and full recovery for all computers and other data storage systems related to the Fund’s account;
- As of March 31, 2025, and for at least the three (3) most recent continuous years, the Firm must have a verifiable operating history with institutional fund clients with similar size, complexity, and asset mix to the Fund;
- Respondent’s Annual Investment Management Fee must be competitive for the proposed mandate; and
- The proposed fund must be open at least through 12/31/2025.
