Investors - MAY 23, 2016

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Illinois Municipal commits $100m to real estate

by Zoë Wolff

The $1.75 billion Illinois Municipal Retirement Fund has committed $100 million to two real estate funds, according to recent meeting documents.

The pension fund has committed $75 million to Starwood Global Opportunity Fund XI, managed by Starwood Capital Group. IMRF invested $50 million in Starwood Global Opportunity Fund X, the fund’s predecessor, which held a final close of $5.6 billion in March 2015. The fund series focuses on acquiring, developing and repositioning high-quality assets in major markets.

Additionally, IMRF has committed $25 million to Artemis Real Estate Partners Healthcare Fund I. The fund had raised $75 million as of January 2016, according to a filing with the SEC. The core-plus fund is seeking to raise $300 million to invest in healthcare-related real estate, including senior housing and medical office properties.

Illinois Municipal has an 8 percent target allocation to real estate and a 5.1 percent actual allocation to t

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