The Illinois Municipal Retirement Fund (IMRF) has committed $75 million into BIG Real Estate Fund III, a vehicle of Basis Investment Group. This commitment was made on Nov. 22, according to meeting materials.
BIG Real Estate Fund III is a closed-end fund focused on multifamily, retail, debt and mezzanine properties in North America. This fund acquires diversified commercial real estate debt investments. A fundraising target has not been disclosed. BIG Real Estate Fund III is the third high-yield debt fund in the series.
IMRF is a public pension fund that provides local government and school district employees with retirement, disability and death benefits. Out of its $54 billion in total assets, 10.5 percent is allocated to real assets. As of June 30, $5.1 billion, or 9.4 percent, is allocated to real assets.
