How to Answer a Pension's Open Manager Search, Using Illinois SURS as the Template

The State Universities Retirement System of Illinois, which manages about $25.2 billion for university employees, is recruiting managers for four strategies: private real estate equity funds, private real estate debt funds, private infrastructure equity funds and private agriculture equity funds, covering United States and globally diversified farmland. Its consultant, Callan, says it expects to make recommendations throughout the year and accepts submissions at any time. Firms register in the consultant's manager database at no cost, and the system encourages applications from female-owned, minority-owned and disabled-owned firms.

The numbers are specific. SURS plans commitments of $450 million to $550 million across its non-core portfolio in 2026, with individual fund commitments of $50 million to $100 million. Divide one by the other and the plan implies between about five and eleven tickets this year. Fund-of-funds strategies will not be considered, and the search is reportedly focused on re-ups with managers the system already uses, which narrows the opening for new names.

The reported minimums are demanding. Real estate managers need at least five years as an investment manager, ten years managing institutional real estate, $500 million in real estate net asset value, and a fund targeting at least $500 million. Infrastructure managers need five years of investing, at least $500 million deployed and funds of at least $500 million, with a focus on OECD markets. Agriculture managers need three years of operating history, about five years in the asset class and $500 million of deployment capacity. Funds must be open to new commitments within 12 months.

Why this is a useful template

Many pensions run searches the same way: a consultant-managed database, published minimums, a rolling review and a short list that reaches the board. A public search is the clearest outreach signal a GP will see, because the LP has told you its asset classes, ticket range and entry criteria. A survey we covered found that LPs rank response speed in their top three commitment factors, and a search with a rolling window rewards managers who are ready before they need to be.

It also tests the advice in our piece on cold outreach: the best first message is not cold if the LP has asked for it.

The spread across strategies matters too. If the five to eleven tickets were split evenly across the four strategies, each strategy would see roughly one to three new commitments, and a stated preference for re-ups would reduce that further. That does not make the search a poor use of time, but it does mean the bar is high and the odds of a first-round win are low. Treat a response as the start of a relationship that may mature over several search cycles.

A step-by-step response

Step one: Check eligibility before you write. Compare your track record, strategy assets and fund size with each published minimum. If you miss one, do not apply to that strategy. A pension with five to eleven tickets is not looking for exceptions.

Step two: Test the ticket math. A $50 million to $100 million commitment is 10% to 20% of a $500 million fund. If that would make SURS your largest investor by a wide margin, decide in advance whether you want that concentration.

Step three: Register in the consultant's database and complete every field. Incomplete profiles are the easiest to pass over. Keep the same numbers in your database entry, your questionnaire and your pitch book.

Step four: Match the timing. The requirement that funds open to new commitments within 12 months means a fund that closes next year should wait. Mark the date your fund opens and the date of your first close.

Step five: Prepare the diligence pack before you submit. Have your DDQ current, with performance, team, fees and policies, along with a track record schedule. Our LP diligence pack guide covers the documents a large pension asks for first.

Step six: Use the published channel. A public search usually runs through a consultant, so send your submission there and keep any other outreach factual and brief. Follow up once when you have new information, such as a close or a realized exit, instead of a status check.

What to do with searches of your own

Set up a simple watch list for open searches at the pensions on your target list. Each one tells you the asset class, the size of the ticket and the timing, and it is a far better reason to write than a general introduction. Pension funds that publish board calendars and pacing plans make the job easier, as the recent look at how US public pensions committed $100.9 billion to private equity in 2025 shows. Keep a record of each search: date found, minimums, your fit, what you sent and what happened.

Searches rarely convert on the first try, so treat a miss as data. If you did not reach a short list, ask the consultant what would have changed the answer, and file the reply with your target list. FundLinx members can track open manager searches at pensions in one place.

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