Illinois SURS commits $300 million to two core open-end funds
The State Universities Retirement System of Illinois (SURS) board of trustees has approved the selection of core real estate managers J.P. Morgan and Heitman.
Illinois SURS awarded $150 million each to the JPMCB Strategic Property Fund and the Heitman America Real Estate Trust (HART). The search process began in September 2012.
JPMCB Strategic Property Fund, an open-end fund, invests in large-scale, institutional core properties. Recently, the vehicle invested $239.4 million in two residential assets. Approximately 21 percent of the core open-end fund’s portfolio is invested in residential properties.
HART, a core open-end fund sponsored by Heitman, focuses on apartment, industrial, retail, office and self-storage properties, with a 90 percent allocation to the United States and 10 percent to Canada.
Illinois SURS had a 3.8 percent actual allocation to real estate as of Feb. 27, 2013.