Investors - MAY 2, 2014

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Illinois Muni commits $208m to non-U.S. real estate

by Andrea Waitrovich

The $33.7 billion Illinois Municipal Retirement Fund approved commitments of $208 million to three commingled real estate funds at its April 24 meeting. Callan Associates, IMRF’s investment consultant, assisted with the commitment.

IMRF has invested $50 million to Ares European Real Estate IV, an opportunistic fund managed by Ares Management. The Ares fund seeks to capitalize on distress in major European commercial real estate markets by fixing broken capital and ownership structures, injecting capital and providing active management for distressed portfolios and funds. It will invest in Central, Eastern and Western Europe.

The second investment was an $83 million commitment to Resolution Real Estate Fund IV, a $1.1 billion pan-European real estate opportunity fund managed by

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