Investors - APRIL 3, 2017

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Illinois Municipal commits $150m to real estate funds

by Jody Barhanovich

The $36.2 billion Illinois Municipal Retirement Fund has committed a total of $150 million to two real estate funds, according to a board-meeting document.

The pension fund committed $100 million to Blackstone Real Estate Partners Asia II, a newly launched Asia-focused real estate fund with a $5 billion equity fundraising target. The fund, which is managed by The Blackstone Group, will invest in warehouses and shopping malls in China, India, Southeast Asia and Australia.

The pension fund also committed $50 million to Dune Real Estate Fund IV, a value-added real estate fund managed by Dune Real Estate Partners. The fund will invest in debt secured by properties throughout the United States and Europe.

Illinois Municipal has existing relationships with both firms, with $450 million in total exposure with Blackstone and $75 million with Dune, according to the board-meeting document. Illinois Mun

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