Illinois MRF commits to Blackstone, Torchlight funds

The $38.6 billion Illinois Municipal Retirement Fund has committed to two real estate funds, according to a document.

The first allocation was to a fund managed by Blackstone. The pension fund committed €100 million ($118 million) to Blackstone Property Partners Europe, an open-ended, core-plus real estate fund that invests in properties throughout Europe.

This is Blackstone’s debut core-plus European-focused property vehicle. The firm’s first core-plus vehicle, Blackstone Property Partners, is a U.S.-focused open-ended real estate fund that launched three years ago.

IMRF’s second commitment was $50 million to Torchlight Debt Opportunity Fund VI, a real estate fund managed by Torchlight Investors. The opportunistic fund will invest in debt secured by properties throughout the United States.

IMRF has direct relationships with both firms, with $550 million committed to Blackstone and $100 million committed to Torchlight.
Both commitments are subje