The scheme will primarily target social or affordable housing, with a portion of funds dedicated to private housing and alternatives, including senior and student housing.
ERAFP will invest approximately €200 million in the first three years.
The mandate will require the investment managers to facilitate accommodation for civil servants while managing the letting process.
According to ERAFP, its board has recently gained approval to increase its investment allocation into real estate from 10 percent to 12.5 percent.
ERAFP has set the initial mandate as 10 years with the option to renew for two years thereafter.