Illinois Municipal Retirement commits to two real estate funds

The $38.6 billion Illinois Municipal Retirement Fund has approved two commitments to real estate funds, according to Nisa Neely, senior communications specialist with the retirement fund.

The first commitment was €100 million ($119 million) to Blackstone Property Partners Europe, Blackstone’s debut core-plus property fund focused on Europe.

Blackstone’s first open-end, core-plus vehicle, Blackstone Property Partners, is U.S.-focused and launched in 2014. The fund invests in substantially stabilized and well-leased office, multifamily, industrial and retail assets, primarily in major U.S. markets such as Boston, Los Angeles, New York City, San Francisco, and Washington D.C.

Illinois’ second commitment was $50 million to Torchlight Debt Opportunity Fund VI. The fund, managed by Torchlight Investors, is an opportunistic real estate fund that invests in debt secured by U.S. properties.

IMRF has direct relationships with both firms, with $550 million c