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Investors - NOVEMBER 15, 2012

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Illinois Municipal invests $225 million in real estate

by Andrea Waitrovich

The $27.4 billion Illinois Municipal Retirement Fund (IMRF) approved the investment of up to $225 million into eight noncore, commingled real estate funds at its Oct. 26 meeting.

IMRF’s largest investment was a $50 million commitment to the recently closed $13.3 billion Blackstone Real Estate Partners VII.

In addition, the Illinois pension fund committed $30 million to both the CBRE Strategic Value Partners U.S. 6, a $750 million value-added fund launched by CBRE Global Investors, and the opportunistic fund Torchlight Debt Opportunity Fund IV, managed by Torchlight Investors, formerly ING Clarion Capital. The Torchlight fund has a $1 billion fundraising goal and will acquire all types of commercial real estate debt.

IMRF committed $25 million to AEW Partners Fund VI

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