The $57.3 billion Teachers’ Retirement System (TRS) of the State of Illinois has committed $50 million to Grain Communications Opportunity Fund III (GCOF III).
GCOF III, which opened to investors in December, will focus on opportunities in mission-critical communications assets, both domestic and abroad, and structured equity investments in companies that own and operate them. An equity fundraising target was not disclosed.
According to a spokesperson for the pension fund, TRS has invested with Grain since 2016, and the manager currently administers $73.7 million of TRS assets.
TRS’ short-term allocation to real assets is 18 percent of the portfolio, with a long-term target of 20 percent. The current real assets portfolio stands at $8.6 billion and represents 15 percent of the total portfolio.