Illinois TRS commits $140m to real estate
The $45.9 billion Teachers’ Retirement System of the State of Illinois has committed $140 million to two real estate funds, according to board-meeting documents.
The pension fund committed $100 million to Oak Street Real Estate Capital Fund IV, managed by Oak Street Real Estate Capital. The value-added real estate fund invests in U.S. triple-net lease properties. The fund is seeking to raise $1 billion in equity commitments and previously received a $75 million commitment from the $34.7 billion Illinois Municipal Retirement Fund in 2016.Oak Street currently manages $41.8 million of the pension fund’s real estate assets, according to board-meeting documents.
Illinois TRS also committed $40 million to Exeter Industrial Value Fund IV, managed by Exeter Property Group. The value-added fund targets industrial assets in primary U.S. warehouse markets. The firm is seeking to raise $1 billion in equity commitments for the fund and received a $100 million commitment from th