The Illinois Municipal Retirement Fund (IMRF) has approved a commitment of as much as €50 million ($56.2 million) to Ares European Real Estate Fund VI, according to a recent announcement.
The previous fund in the series — Ares European Real Estate Fund V — closed in August 2019 with €1.78 billion ($2 billion) in commitments, surpassing its target of €1.25 billion ($1.4 billion). That fund targeted investments in residential, office, industrial, and mixed-use assets.
IMRF said it is an existing investor in Ares funds, totaling $388 million in aggregate commitments.
As of Oct. 31, the IMRF portfolio was valued at $56.6 billion.
