The Illinois Municipal Retirement Fund (IMRF) has committed €100 million ($109 million) to Ares Property Enhancement Partners (APEP) IV.
Managed by Ares Management, APEP IV is focused on building a portfolio of institutional, high-quality, income-producing assets in dominant and growing cities.
APEP IV will look for opportunities in assets where cash flows can be increased or re-profiled, and where values can be enhanced through professional asset management and selective capital expenditure.
IMRF has invested in other Ares Management real estate funds in the past, totaling €420 million ($457.5 million) in aggregate commitments.
As of Sept. 30, 10 percent ($4.87 billion) of IMRF’s $48.9 billion portfolio was allocated toward private real assets, slightly below IMRF’s 10.5 percent target allocation for the asset class.
For more information about this commitment or other funds, please visit our IREI.Q
