Illinois Municipal Retirement Fund commits up to $75m to Oak Street Real Estate Capital Fund V
The $43.3 billion Illinois Municipal Retirement Fund (IMRF) has disclosed a $75 million commitment to the Oak Street Real Estate Capital Fund V, according to a Nov. 21 investment board meeting document.
Launched in early November, Oak Street Capital’s fifth value-added fund will invest in triple-net lease assets throughout the United States. The fund is targeting $2 billion.
IMRF has an established relationship with Oak Street Real Estate Capital, including existing commitments of $200 million. The pension fund has a $2.8 billion real estate portfolio, representing an actual allocation to real estate of 6.7 percent, against a 9 percent target allocation to the asset class.