Illinois Municipal Retirement Fund slates $50m for AEW Partners Real Estate Fund X

The $50.4 billion Illinois Municipal Retirement Fund (IMRF) has approved a $50 million commitment to AEW Partners Real Estate Fund X, according to a recent investment report.

AEW Partners Real Estate Fund X, managed by AEW Capital Management, will invest in assets throughout the United States.

The fund’s predecessor, AEW Partners Real Estate IX, closed in February 2021 with more than $1.2 billion in capital commitments. The fund hit its hard cap and exceeded the initial $750 million equity fundraising target. AEW Partners Real Estate Fund IX invests exclusively in the U.S. market, focusing on dislocations in commercial real estate.

Other investors in AEW Partners Real Estate Fund X include the Kansas Public Employees Retirement System and the Public Employees' Retirement System (PERS) of Mississippi.

IMRF is an existing investor in AEW funds, with $320 million in aggregate commitments.