Elion Industrial Fund II (EIF II) captured commitments of $75 million from the District of Columbia Retirement Board (CRB) and $20 million form the Illinois State Board of investment (ISBI) on Feb. 13 and has held a second close after raising approximately $400 million of capital, IREI has learned.
Elion Partners, the fund manager, is seeking to raise $750 million and expects the fund to hold its final close in June 2024. EIF II is focused on making investments in last-mile logistics real estate and targets core, urban logistics hubs near large population centers in infill coastal markets.
As of Dec. 31, 2023, DCRB had 7 percent ($830.78 million) of its $11.3 billion portfolio allocated towards real estate, slightly below its eight percent policy target for the asset class.
ISBI, meanwhile, had 11.7 percent ($2.77 billion) of its $23.72 billion portfolio allocated towards real estate investments, as of Sept. 30, 2023, above its 10 percent target for the asset cl
