Illinois Municipal commits to two open-end real estate funds

The $41.3 billion Illinois Municipal Retirement Fund has committed to two real estate funds, according to investment news on the pension fund’s website.

IMRF committed $150 million to Heitman America Real Estate Trust and €50 million ($58 million) to CBRE’s Pan-European Core Fund.

Heitman America Real Estate Trust is an open-end real estate fund managed by Heitman. The fund follows a core investment strategy with investments focused in the apartment, industrial, retail, office and self-storage markets throughout North America.

CBRE’s Pan-European Core Fund is part of CBRE Global Investors’ sponsored series of Sector-Specific Investment Programs, which focuses on core and core-plus investments in the retail, office, residential and industrial sectors in the Netherlands, France, Belgium and Southern Europe.

As of June 30, IMRF had a target allocation to real estate of 9 percent and an actual allocation of 5.8 percent. Real estate makes up $2.376 billion of its total portfolio.