The Illinois Municipal Retirement Fund (IMRF) has approved as much as $252.4 million of commitments within the private-equity and real estate-asset classes, according to a recent meeting document.
Of this amount, as much as $30 million of equity commitments were slated for Newport Capital Partners Fund III, a noncore real estate fund managed by Newport Capital Partners; and as much as €20 million ($22 million) to Ares Project Horizon Co-Investment, a real estate fund managed by Ares.
Newport Capital Partners Fund III targets value-add assets generating current yields with upside potential, such as community and neighborhood shopping centers, mixed-use properties, retail and urban developments. An equity-fundraising target was not available at the time of publication.
The investment strategy or fundraising target of Ares Project Horizon Co-Investment also was not disclosed.
IMRF is an existing investor in both Newport and Ares funds. The pension fund h
