Illinois commits $30m to real estate
The Illinois State Board of Investment has committed $30 million to Oak Street Real Estate Capital Fund III, according to William Atwood, executive director.
This is the $15.7 billion board of investment’s first investment with Oak Street Real Estate Capital.
Atwood says, “The board felt that the firm’s low volatility/high cash flow strategy, focused on triple-net leases, would be complementary to the core equity portfolio.”
The $35.6 billion Illinois Municipal Retirement Fund committed $25 million to the fund earlier this month.
ISBI has a 10 percent target allocation to real estate; the investment board’s actual allocation to the asset class is 9.7 percent.