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People - MARCH 22, 2013

Illinois SURS commits $300 million to two core open-end funds

by Andrea Waitrovich

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.

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