The Illinois State Universities Retirement System (SURS) has committed $75 million to Brookfield Strategic Real Estate Partners Fund IV (BSREP IV), a $17 billion real estate fund that was launched by Brookfield Asset Management in May.
The fund will target investment opportunities in property assets and real estate operating companies in North America, Brazil, Europe and Australia.
BSREP IV is on track to become the firm’s largest real estate fund to date, surpassing the predecessor fund’s $15 billion.
SURS previously committed $35 million each to Brookfield’s Fund II and III vehicles. Noncore real assets currently represent 2.2 percent of assets, against a new target of 5 percent.
