Illinois MRF plans to no longer pursue several real estate commitments

The $41.3 billion Illinois Municipal Retirement Fund has plans to no longer pursue two previous commitments to real estate funds, according to a board meeting document.

The two commitments include $150 million to Heitman America Real Estate Trust, and €50 million ($58.4 million) to CBRE Pan-European Core Fund. The document states that no longer pursuing the investments “will reduce the real estate unfunded commitments for all approved,” but not closed investments for each amount. There was no reason for the decision disclosed in the document.

Heitman America Real Estate Trust is an open-end fund managed by Heitman. The fund targets a wide range of property types including multifamily, office, retail, industrial and self-storage. It primarily targets properties in the United Sates.

CBRE Pan-European Core Fund is managed by CBRE Global Investors.

As of March 31, IMRF has a target allocation to real estate of 9 percent and actual allocation of 5.6 percent.