Investors - FEBRUARY 25, 2015

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Illinois TRS commits $600m to real estate

by Andrea Waitrovich

The $44.7 billion Teachers’ Retirement System of Illinois committed $600 million to two real estate funds during its Feb. 19 meeting.

The Illinois TRS board approved a commitment of $300 million to Blackstone Real Estate Partners VIII, managed by The Blackstone Group. Blackstone currently administers $533.8 million in Illinois TRS assets.

BREP VIII, which launched at the start of 2015, is expecting to hold a $10 billion close in March and could raise as much as $15 billion by its final close, which would make it the largest ever commercial real estate fund, surpassing its predecessor’s $13.7 billion final close from November 2012.

And the second investment was a commitment of $300 million to Lone Star Real Estate Fund IV, managed by Lone Star Funds. Lone Star currently administers $22.3 million in Illinois TRS real estate assets.

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