State Universities Retirement System of Illinois (SURS) Real Assets Client and Strategy Profile

Callan, on behalf of the State Universities Retirement System of Illinois (SURS), is requesting information from qualified firms interested in providing real asset investment services, which are limited to private real estate, agriculture, and infrastructure.

All information and required documents are available on this page. Callan expects to make investment recommendations to SURS throughout the year using information gathered via the process described in the linked documents below:

All firms and proposed funds must register in the Callan database; there is no charge to participate in the Callan database.

Qualified female-owned, minority-owned, and disabled-owned firms are encouraged to submit information across strategies. Please refer to section V in the 2025 Client and Strategy Profile for more detail on minimum qualifications for each strategy listed below. In 2025, investment priorities are oriented around:

  • Private real estate equity funds (open or closed end)
  • Private real estate debt funds (open or closed end)
  • Private infrastructure equity funds (open or closed end)
  • Private agriculture equity funds (U.S. only and/or globally diversified farmland strategies—open or closed end)

The commitment pacing targets between $200 to $300 million for 2025 across the non-core portfolio; however, this could vary significantly. It is anticipated that some investment managers will be hired in 2025 with the primary focus on re-ups with existing managers. The allocation to each individual fund is expected to range from $50 million to $100 million. The actual allocations may be different than suggested by the ranges. These investment priorities will be updated periodically.

Interested parties may submit and update information at any time. Callan expects to make investment recommendations to SURS throughout the year as qualified firms come to market with products. For planning purposes, if your firm is not currently in the market with a fund that matches SURS priorities, but you expect to be in the next 12 months, we ask that you submit preliminary information for our pipeline.

Learn more about working with Callan.