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Investors - MAY 6, 2015

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Illinois SURS commits $195m to noncore real estate

by Zoë Wolff

The State Universities Retirements System of Illinois has hired Franklin Real Asset Advisors to manage $90 million in an emerging manager noncore real estate fund of funds, according to recently released meeting documents. It is anticipated that $30 million will be allocated this year and $30 million each of the next two years.

Oak Street Real Estate Capital and Grosvenor Capital Management were also considered.

Separately, SURS committed $35 million each to three noncore real estate funds: Blue Vista Real Estate Partners IV, a U.S. value-added fund; Brookfield Strategic Real Estate Partners II, a global opportunistic fund that focuses on commercial properties; and Crow Holdings Realty Partners VII, a U.S. value-added fund.

The $16.9 billion pension fund has a 10 percent target allocation to real estate, 35 percent of which is earmarked for noncore investments.

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