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Investors - NOVEMBER 21, 2022

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Illinois Municipal Retirement Fund backs value-add Rockwood Capital, Torchlight real estate funds

by Kali Persall

The Illinois Municipal Retirement Fund (IMRF) has approved several commitments within its real estate asset class.

The pension fund slated as much as $75 million to Rockwood Capital Real Estate Partners Fund XII, a value-add fund managed by Rockwood Capital, and as much as $75 million for Torchlight Debt Fund VIII, a closed-end debt fund managed by Torchlight Investors.

Rockwood’s Fund XII will invest in office and other workspace properties, multifamily residential, retail and hotel assets in the United States. Investments will be structured as equity or debt, including various hybrids such as participating debt and preferred equity.

Fund XII will employ active asset management to reposition, re-lease and/or develop real estate assets, but will not pursue investment opportunities predicated on significant land entitlement.

IMRF is an existing investor in Rockwood Capital funds, representing $175 million in aggregate commitments.

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