Illinois Teachers commits $30m to emerging manager
The $43.59 billion Teachers’ Retirement System of Illinois has committed $30 million from its emerging manager program to Los Angeles–based Integrated Capital to invest in the hospitality sector.
The hotel sector is coming off of a big third quarter that saw it lead the NCREIF Property Index for the first time since the beginning of 2011,returning 2.93 percent over the quarter. The hotel sector also experienced its highest quarterly U.S. hotel transaction volume since 2007 at $8.5 billion, up 30 percent year-over-year, according to Real Capital Analytics. The momentum in the hotel sector is still fresh, as its rolling four-quarter return on the NPI through third quarter 2014 is the lowest of any of the major property types at 8.88 percent, well behind the index-leading 13.09 percent return for the industrial