Illinois Municipal Retirement Fund allocates $75m to TA Realty Value-Add Fund XIII

The $55.8 billion Illinois Municipal Retirement Fund (IMRF) has approved up to $75 million to the TA Realty Value-Add Fund XIII, a vehicle managed by TA Realty.

Fund XIII is the latest in TA Realty’s flagship series of value-add funds focused on acquiring industrial, office and multifamily assets, as well as grocery-anchored shopping centers in major U.S. markets. The previous fund in the series, TA Realty Associates Fund XII, closed with $1.2 billion of total equity commitments in March 2020.

IMRF is an existing investor in TA Realty funds, totaling $547.5 million in aggregate commitments.

The pension fund also decided to change the real estate-asset class to private real assets, with a target of 10.5 percent, effective March 1. IMRF said it more than doubled its 7.25 percent investment target during the fiscal year ending Dec. 31, 2021.