Illinois Municipal commits $75m to real estate fund
The $38.6 billion Illinois Municipal Retirement Fund has committed up to $75 million to Artemis Real Estate Partners Fund III, according to Nisa Neely, senior communications specialist at the pension fund.
Just like previous funds in the series, Artemis Real Estate Partners Fund III is a value-added/opportunistic fund that will invest in the United States with a focus on the multifamily, office, industrial, retail, senior housing and self-storage sectors.
The fund’s predecessor, Artemis Real Estate Partners Fund II, held a $580 million final close in 2014. The value-added/opportunistic fund surpassed its $500 million target.
This is not Illinois Municipal’s first commitment to an Artemis fund. In 2016, the pension fund committed $25 million to Artemis Real Estate Partners Healthcare Fund I, a core-plus fund that invests in healthcare-related real estate, including senior housing and me