Illinois SURS makes $115m commitment to value-added real estate

The State Universities Retirement System of Illinois (SURS) board of trustees on April 18 voted to commit $115 million to two value-added funds.

Approximately $75 million was committed to Westbrook Real Estate Fund XI and up to $40 million was committed to Long Wharf Real Estate Partners Fund VI. Both commitments are contingent on successful contract negotiations.

Westbrook Real Estate Fund XI, a value-added real estate fund sponsored by Westbrook Partners, will invest in a portfolio of diversified property types in select markets across the United States, Japan and Europe.

Long Wharf Real Estate Partners VI Fund, a value-added real estate fund sponsored by Long Wharf Capital, will invest both primary and secondary U.S. markets and targets office, retail and industrial sectors.

The commitments follow SURS’ recently approved real assets pacing plan, which  established an allocation target of $350 million for 2019.