Investors - JULY 26, 2016

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Illinois commits $115m to real estate

by Reg Clodfelter

The $34.7 billion Illinois Municipal Retirement Fund has invested $115 million into real estate, divided among three commitments, according to a statement on its July 2016 meeting.

The largest commitment was a $50 million nod to AEW Partners VIII, a $650 million fund offering from AEW Capital Management. The opportunistic fund, which launched in April, is seeking net returns in the range of 15 percent to 16 percent. IMRF already has a direct relationship with AEW worth $245 million, including a $25 million commitment to AEW Partners VII in 2012.

The retirement fund committed $35 million to CBRE Global Investors’ Strategic Partners U.S. Value 8, matching similar investments in 2012 and 2014 to the previous two offerings in the fund series. The fund series targets value-add investments in major and secondary U.S. markets, focusing on class A office, industrial, retail and multifamily properties. IMRF’s investments with the firm currently total $217 m

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